Eastern European central banks are aggressively purchasing gold, becoming the largest buyers globally. Will gold prices rise to 3000 dollars?
Central banks in Eastern European countries are accelerating their gold purchases to diversify investments and cope with external shocks, with the Czech Republic, Poland, Serbia and other countries becoming the largest buyers of gold together.
Analysis of short-term trend of spot gold on November 28: Light trading volume during the holiday, tariff concerns supporting the price of gold.
The price of gold held steady on Thursday (November 28), with spot gold currently trading near $2636.83 per ounce. Investors are digesting a series of economic data from the previous trading day and assessing the possibility of a tariff war initiated by the elected US President Trump. On the fundamental side, a series of economic data was mainly bearish on Wednesday, slightly tilting towards bearish gold prices. The focus was on the Personal Consumption Expenditures (PCE) price index. The index rose by 0.2% on a month-on-month basis and by 2.3% year-on-year, in line with expectations. In addition, according to the latest estimates on Wednesday, the revision of the US third-quarter Gross Domestic Product (GDP) quarter-on-quarter annualized growth rate was positive.
Local Gold Futures End Higher In Line With US Market
November 27th spot gold short-term trend analysis: A wave of data is coming, is the final battle between longs and shorts here?
On Wednesday (November 27), during the asia session, spot gold fluctuated slightly higher, continuing the rebound trend from Tuesday, and is currently trading around $2637.85 per ounce. Affected by the ceasefire news between Lebanon and Israel, the gold price fell over 3% on Monday. On Tuesday, it briefly dropped to around $2605, but was then supported by low bid and risk-averse buying driven by trade concerns. The gold price closed at $2633 per ounce on Tuesday, up about 0.29%. As today will see the release of usa's October PCE data, usa's October durable goods orders, usa's Q3 GDP revision, and changes in the number of initial jobless claims in usa, etc.
Gold Steady After Cease-Fire Deal as Traders Look to US Data
Gold Struggles to Break $2,620, Weighed by US Tariffs and Geopolitics