In the context that US economic data cannot well support the Federal Reserve's decision to stop raising interest rates, experts say that the gold market is likely to be tested during the second half of the year. The rest go back to summer.
However, analysts note, gold's short-term slight decline should be viewed as a buying opportunity as the precious metal awaits a stronger and longer-term rally.
“Gold has a lot of competition as a safe-haven asset as it is increasingly suggested that the U.S. economy will,” said Edward Moya, senior market analyst at OANDA. obtain interest payments from the Fed. Edward Moya finds that gold is still attracting long-term interest.
Ole Hansen, head of commodity strategy at Saxo Bank, also sees gold prices struggling as the cost of holding the precious metal continues to rise. He added that investors are frustrated with holding gold and they are turning to stocks.
However, analysts note, gold's short-term slight decline should be viewed as a buying opportunity as the precious metal awaits a stronger and longer-term rally.
“Gold has a lot of competition as a safe-haven asset as it is increasingly suggested that the U.S. economy will,” said Edward Moya, senior market analyst at OANDA. obtain interest payments from the Fed. Edward Moya finds that gold is still attracting long-term interest.
Ole Hansen, head of commodity strategy at Saxo Bank, also sees gold prices struggling as the cost of holding the precious metal continues to rise. He added that investors are frustrated with holding gold and they are turning to stocks.
