Gold’s bullish momentum continues to impress, with prices bouncing back to $2,674 after briefly retreating near $2,600 last week. The surge has brought the precious metal close to its record high of $2,685, set just last month. Despite the strength of the U.S. dollar, gold’s upward momentum remains intact.
One factor driving this rally could be speculation that while the U.S. Federal Reserve may not ease interest rates soon, other major central banks like the European Central Bank (ECB), Bank of England (BOE), and Bank of Canada (BOC) might be considering loosening their monetary policies sooner. This gives gold bulls a reason to stay optimistic, even if the reasoning appears uncertain to some.
The bigger question remains: What will trigger a meaningful pullback in gold prices? Throughout the year, this has been the central debate among analysts and investors.
As December and January, traditionally bullish months for gold, approach, the market is watching closely. Will we see profit-taking in the weeks ahead, or is gold gearing up for an explosive rally to cap off the year? The coming months may provide the answer.
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