‏World Gold Council: Gold price decline is a temporary correction.. supporting factors for the yellow metal remain

The World Gold Council believes that the current decline in gold prices does not represent the end of the upward wave that has continued over the past years, but rather is a natural correction after the record gains achieved by the precious metal, affirming that the supportive fundamentals for prices remain intact despite current pressures.

Andrew Naylor, Head of the Middle East region at the World Gold Council, said that gold fell yesterday below the $4,000 per ounce level for the first time since November, coinciding with a rise in the US dollar index of about 0.8% during the week, making the precious metal more expensive for buyers holding other currencies.

He added in statements to "Al-Sharq", that markets are awaiting the release of new US economic data, along with the path of the Federal Reserve's monetary policy, explaining that higher interest rates increase the cost of holding gold, as it is an asset that does not yield returns, which pressures investment demand.

Gold has faced strong pressures in recent months after a historic rally that pushed it to record levels, with the strength of the US dollar and rising bond yields, along with slowing demand in major markets, led by China and India. Despite this, many analysts still see that central bank purchases, ongoing geopolitical risks, and high levels of global debt represent strong supporting factors that could restore momentum to the yellow metal in the long term...
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