Investing.com Poll: Where do you see gold prices by the end of 2024?
touched a fresh record high on Tuesday, extending a recent run of gains sparked by a bumper rate reduction by the Federal Reserve last week.
Lower rates bode well for gold, given that they reduce the opportunity cost of investing in non-yielding assets. In a note to clients, the analysts said"recent conversations with various market participants" suggest that views towards gold are growing"ever stronger," although they have yet to be"fully backed by positions."
They added that traders are generally anticipating that a cooling in gold's returns"may be in the cards," particularly if a re-acceleration in US growth leads the Fed to take a"hawkish pivot" that could keep interest rates elevated and bolster the dollar. However, they predicted that any downside would likely be"limited."
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