GOLD: Intraday Analysis & Forecast

Metal prices rise, with gold futures gaining 0.45% to $2,321.4 a troy ounce after the U.S. Federal Reserve’s comments came in softer than expected. Gold is MUFG’s most bullish call this year for commodities, and the year-end estimate of $2,350 an ounce now looks modest, analysts say in a note. The precious metal stands to gain on a trifecta of eventual Federal Reserve interest rate cuts, supportive central-bank demand and bullion’s role as hedge of last resort in times of geopolitical tension, MUFG says. Elsewhere, copper rises 0.7% to $9,966 a ton, while aluminum is broadly flat at $2,586.5 a ton. Copper is central to decarbonization–and its time is now–given acute fundamental shortfalls reflecting a persistent green-transition demand strength and a cyclical recovery in manufacturing, the financial group says.


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