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GOLD: Weekly Analysis & Short Term Forecast

Gold futures rise 0.6% to $2,442.4 a troy ounce, a delayed bullish reaction to the attempted assassination of former President Donald Trump over the weekend. The contract is now hovering just below record highs. Gold rallied late in the session on Monday, while fellow precious metal silver’s response was decidedly muted, says Nicky Shiels, head of research and metals strategy at MKS Pamp, in a note. Overall, U.S. and global political uncertainty is rising but remains underpriced, Shiels says. As of Friday, inflows into gold markets totaled around $10.9 billion on-week, JPMorgan analysts say. The U.S. bank is bullish on gold prices into year-end, seeing prices rising towards $2,500 an ounce in the fourth quarter, analysts say in a note.

 

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