Investors profit-taking leads to a drop in gold prices, ING predicts that the upward trend in gold will continue until the end of the year

Gold futures in the United States fell sharply on Monday as investors took profits, following a significant increase in gold prices last week due to expectations of a rate cut by the Federal Reserve. The decline in gold prices was supported by safe-haven demand, conflicts in Ukraine and the Middle East, and the high interest rate policy of the Federal Reserve, but optimistic expectations of a rate cut are increasing. The People's Bank of China has not increased its gold holdings for two consecutive months, waiting to buy after prices fall. Analysts at Morgan Stanley suggest that interest in gold may have weakened. ING analysts expect gold prices to continue to rise until the end of 2024