Gold prices are on track for a third straight week of gains after five consecutive sessions of record gains, but the rally came to a halt on Friday as the market focused on the U.S. non-farm payrolls data, which could provide more clues on the Federal Reserve's monetary policy trajectory. Luca Santos, an analyst at Acy Securities, said that gold prices will continue to rise amid a normal correction, with a falling dollar, investors' expectations of a Fed rate cut this year, economic uncertainty and escalating tensions in the Middle East are all factors driving the market, especially for gold. Hugo Pascal, a precious metals trader at Inprove, said that gold is trading in overbought territory, and he believes that there is a good chance of a correction in gold prices in the coming days, with the first target at $2,250.
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Analysts: Gold is continuing to rally amid a normal pullback
Gold prices are on track for a third straight week of gains after five consecutive sessions of record gains, but the rally came to a halt on Friday as the market focused on the U.S. non-farm payrolls data, which could provide more clues on the Federal Reserve's monetary policy trajectory. Luca Santos, an analyst at Acy Securities, said that gold prices will continue to rise amid a normal correction, with a falling dollar, investors' expectations of a Fed rate cut this year, economic uncertainty and escalating tensions in the Middle East are all factors driving the market, especially for gold. Hugo Pascal, a precious metals trader at Inprove, said that gold is trading in overbought territory, and he believes that there is a good chance of a correction in gold prices in the coming days, with the first target at $2,250.