Gold Retakes $2,500 as Powell Signals Rate Cuts Imminent
Will gold continue to rise tonight after re-entering the $2500 mark? The industry is focusing on the Jackson Hole Annual Meeting, and gold is expected to continue to push higher.
① Once the annual meeting hints at a 50bp rate cut, the usd may continue to weaken, while gold and US stocks are expected to continue to rise; ② Based on the average performance of gold in the past ten years, gold prices tend to strengthen initially after the Jackson Hole meeting starts; ③ Recently, gold has been on a continuous uptrend, with a significant increase in COMEX net long positions and global gold ETF inflows providing support for gold prices.
UBS: The market is gradually adapting to the gold price of $2500, and there is still room for increased allocation in the future.
UBS Group expects that as the Federal Reserve begins to cut interest rates, the holding cost of gold will decrease, leading to further inflow of funds into gold ETFs. Seasonal demand will drive the physical demand for gold in China and India to rebound. In addition, central banks around the world are still buying gold, and emerging market central banks still have room to increase their shareholding of gold.
Gold Thumped by Most in a Month Ahead of Fed Chair Powell's Speech
Expert Predicts Gold To Be 'Very Positive' For Next 18 Months: 'A Whole New Source Of Madness Coming In'
Peter Hu Xifu: Golden Minerals Stocks Will Experience a "Bull Market" and Become a Hot Industry in the Next Ten Years.
With the surge in gold prices, economist and gold advocate Peter Schiff posted on the social media platform X, saying: "Golden industrial concept investors have overlooked an important point, which is that gold prices do not necessarily have to continue to rise."
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