Up 27% year-to-date! Gold breaks through $2600 to hit a new high, analysts warn: a pullback is imminent
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Gold futures prices closed above $2600 per ounce for the first time, up 27% year-to-date. Analysts point out that the Fed rate cut has enhanced the attractiveness of gold, while geopolitical risks have also boosted safe-haven demand. Despite the rise in gold prices, analysts warn of a possible pullback due to less ETF inflows and a lack of active participation from Asian buyers. Profit expectations for gold miners are rising, with high-quality gold mining stocks expected to bring strong cash flow and shareholder returns
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