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Gold Price Continues Uptrend, Analysts Warn of Profit-Taking Risk at High Levels
BlockBeats News, September 2nd, driven by expectations of interest rate cuts and geopolitical tensions, gold futures continued their uptrend on Monday after hitting a historic high. The current price of gold futures is around $3547, up 0.88% on the day, reaching as high as $3557.10 per ounce intra-day.
FxPro analyst Alex Kuptsikevich pointed out in a research report that macroeconomic and geopolitical news continue to benefit precious metals. There are reports that India is actively selling U.S. government bonds and increasing its gold reserves. He also noted that the lack of progress in Russia-Ukraine peace talks has also boosted safe-haven demand.
Kuptsikevich stated that the more obvious short-term bullish factor is the market's increasing expectations of a Fed rate cut in September. However, he reminded investors to remain cautious when participating in this round of gold rally, as historical highs often trigger massive profit-taking, as was the case in April of this year. (FX678)
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