GOLD WEEKLY FORECAST (DECEMBER 2024)
GOLD WEEKLY FORECAST (DECEMBER 2024)
Gold lost bullish momentum after failing to hold above $2,700. Buyers are hesitant, and markets are cautious.
The Federal Reserve’s policy announcements on Wednesday could be a key driver for gold prices moving forward.
Gold prices initially rose after China's central bank resumed gold purchases in November, boosting market optimism.
The CPI data showed inflation at 2.7% for November, which led to some optimism for gold, pushing prices past $2,700 temporarily.
The PPI rose 3% in November, and rising unemployment claims added uncertainty, causing gold to drop later in the week.
Easing geopolitical tensions weighed on gold prices, as the risk mood improved, driving gold lower towards the end of the week.
