Gold price is consolidating the three-day uptrend to a new record high above $2,480 in Asian trades on Wednesday, as buyers take a breather before resuming the winning momentum.
Gold price sits at a new record high above $2,480 early Wednesday. The US Dollar licks wounds with Treasury bond yields as a September Fed rate cut is a done deal. India Gold demand stands resilient, despite elevated prices – ANZ. The daily RSI prods 50 level, suggesting more upside for Gold price. Gold price is consolidatingthe three-day uptrend to a new record high above $2,480 in Asian trades on Wednesday, as buyers take a breather before resuming the winning momentum.
Despite a rise in gold’s price of more than 10 percent in 2023, consumer demand stayed buoyant at 760 tons, a marginal decline of only 2 percent y/y. The demand was also in line with the long-term average of 755 tons.” “Higher capital gains and income growth have helped gold demand weather elevated prices,” ANZ analysts added.
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