Today, gold prices remain stable, showing an impressive rise over the past six months. The spot price of gold is around $2334 per troy ounce, representing an increase of approximately 11%, according to goldprice.org.
In May, gold prices reached record highs due to expectations of interest rate cuts, economic stimulus in China, and geopolitical tensions that increased demand for the precious metal.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, notes that gold continues to hold strong. He is confident that as long as the price remains above $2200, there are no serious risks of forced liquidation of long positions. Furthermore, Hansen predicts that gold could reach $2500 by the end of the year, supported by macroeconomic factors and new US inflation data.
Investors are eagerly awaiting fresh inflation data, which will help determine the future policy of the US Federal Reserve. This data will be crucial for future movements in the gold market and may open new opportunities for growth.
Gold continues to be a reliable asset in times of economic uncertainty, and current trends show that this precious metal is not giving up its position. Stay tuned for updates and keep abreast of all changes!