Global gold prices continue to hold at high levels

yesterdayGold prices in the global market remain stable, with spot gold increasing slightly by 0.3 USD, reaching 2,657.7 USD/ounce. By the last trading session, gold stood at 2,681 USD/ounce, down just 0.7 USD from yesterday morning.

Despite some profit-taking pressure, gold has maintained its position after reaching an all-time high on Wednesday. I’ve noticed that investors are still hopeful for upcoming remarks from Federal Reserve Chairman Jerome Powell and the crucial U.S. inflation data to be released this week, both of which could continue to support the expectation of another substantial interest rate cut.

The recent surge in gold prices clearly reflects the market’s optimism. Many, including myself, believe that gold has a good chance of breaking through the 2,700 USD/ounce mark this week, especially if the labor market weakens and Fed officials reaffirm the possibility of a 50 basis point rate cut at the upcoming meeting.