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GOLD: Intraday Analysis & Short Term Forecast

Gold’s upside potential appears limited for now, Commerzbank Research analysts say. Prices are ticking higher supported by a weaker U.S. dollar and growing expectations that the Federal Reserve won’t raise its key interest rate any further. Spot gold is up 0.1% at $1,994.75 per ounce, while futures are up 0.1% at $1,995.70 a troy ounce. “Gold regained the $2,000 threshold this week,” the analysts say in a note. However, “our economists only expect the first rate cut to be implemented in the middle of next year, so only then is the price of a troy ounce of gold likely to climb lastingly above $2,000,” Commerzbank says

 

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