Gold Daily | Gold Prices Volatile Amid Fed Remarks and Economic Uncertainty, Close at $2909.21

【Latest Gold Price and Recent Trends】

Gold prices experienced fluctuations on Friday, initially spiking due to weak non-farm payroll data but subsequently dropping following hawkish comments from the Fed Chair. Spot gold slightly decreased, closing at $2909.21 per ounce, reflecting ongoing market volatility.

【Technical Analysis】

Gold prices remain in a consolidation phase and show resilience below the $2900 level. The immediate resistance is between $2926 and $2930, with a potential retest of the historical high near $2956 if surpassed.

【Market Sentiment and Economic Background】

The weaker-than-expected non-farm payroll data initially boosted gold prices. However, following remarks from the Fed Chair expressing patience in policy adjustments, the dollar rebounded, pressuring gold. Rising U.S. real yields, which are negatively correlated with gold, also contributed to the downtrend. Geopolitical tensions easing and potential U.S.-Russia ceasefire talks have limited gold's upward movement.

【Opinions】

Analysts highlight that while there are expectations for the Fed to maintain rates, the ongoing global financial uncertainties could support gold prices above $3000 per ounce. The World Gold Council underscores the critical role of gold amid rising global debts and inflation pressures. Central banks, particularly in China and Poland, continue their gold buying spree, underpinning the market. The technical outlook suggests a buying opportunity on dips, with potential price stabilization between $2800 and $2850.