World gold prices rose again to around $2,640/ounce. High inflation data may cause the US Federal Reserve (Fed) to cut interest rates at a low level at its upcoming meeting in November. According to the CME FedWatch tool, the market is expecting an 84.9% chance that the Fed will cut 25 basis points at its November meeting.
Peter A. Grant, Vice President and Senior Metals Strategist at Zaner Metals, predicts that gold prices may soon reach $2,700/ounce and even $3,000/ounce as safe-haven demand continues to increase. Some other experts also expect gold prices to continue to increase in the near future due to global economic and geopolitical instability. Despite the pressure from US interest rate fluctuations and geopolitical tensions, precious metals are still a safe choice for long-term investors.
Swiss bank UBS predicts that the ongoing easing of monetary policy, not only by the Fed but also by other central banks globally, will continue to support gold prices.
Peter A. Grant, Vice President and Senior Metals Strategist at Zaner Metals, predicts that gold prices may soon reach $2,700/ounce and even $3,000/ounce as safe-haven demand continues to increase. Some other experts also expect gold prices to continue to increase in the near future due to global economic and geopolitical instability. Despite the pressure from US interest rate fluctuations and geopolitical tensions, precious metals are still a safe choice for long-term investors.
Swiss bank UBS predicts that the ongoing easing of monetary policy, not only by the Fed but also by other central banks globally, will continue to support gold prices.
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XAUUSD sell 2645-2648TP1: 2638
TP2: 2629
TP3: OPEN
SL: 2654
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