Gold May Consolidate Above $5,000 Mark, Analysis Suggests

Deep News13:20

According to a report from Priyanka Sachdeva of Phillip Nova, the price of gold may consolidate above the key level of $5,000 per ounce in the near term. She stated that escalating geopolitical tensions in the Middle East could help sustain gold prices above this significant threshold. She added that ongoing negotiations in the region could swiftly influence the metal's price trajectory. A genuine de-escalation of the situation could weaken safe-haven demand, while a resurgence of friction might prompt investors to further build defensive positions in gold, she noted. Other major macroeconomic drivers, such as real yields, U.S. dollar movements, and Federal Reserve interest rate expectations, could also impact the precious metal's price.

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