Gold Market Faces Selling Pressure
Gold prices dropped significantly yesterday as spot gold fell below the critical support level of $4,900 per ounce, recording a 1.30% decline within the day.
Key Factors Affecting Gold Prices
Recent fluctuations in the gold market have been driven by several key factors:
- Mixed global macroeconomic data
- Shifting monetary policy expectations from major central banks
- Stabilizing geopolitical tensions reducing safe-haven demand
- A stronger U.S. dollar exerting downward pressure on gold prices
Despite the short-term weakness, analysts believe gold still holds long-term investment potential.