Gold Weakens, Market Focus on Inflation Risks and US-Iran Talks
Gold futures fell 0.6% to US$4,800.50 per troy ounce at 07:33 GMT, but remained above the US$4,800 level. The decline occurred as investors weighed expectations that the United States and Iran could meet again this week, with plans for new talks in Pakistan raising optimism ahead of the ceasefire deadline.
According to Soojin Kim of MUFG, the prospect of renewed negotiations could boost sentiment, but the ongoing war is disrupting global energy supplies, reinforcing inflationary pressures. This maintains expectations that central banks will maintain high interest rates, which is generally a drag on gold because it offers no yield. (gn)
Gold Price at the Time of This Analysis' Release: $4,786
- Buy if the price moves to $4,793
- Sell if the price moves to $4,775
Resistance 2: $4,819
Resistance 1: $4,801
Support 1: $4,765
Support 2: $4,747
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider the impact of fundamental and technical developments on your trading before making any investment decisions.
Source: Newsmaker.id