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Gold Analysis Today 06/02: Amidst Record High (Chart)
(MENAFN- Daily Forex)
- The strong upward trend in Gold prices has reached a peak of $2,882 per ounce, the highest in the history of gold prices, before settling around $2,850 per ounce at the time of writing this analysis. The recent sharp and continuous gains in gold have been driven by increasing expectations of lower interest rates, increasing the attractiveness of the yellow metal as a haven amidst economic and geopolitical risks. On the economic front, data yesterday showed weaker-than-expected demand for US services, suggesting that economic activity may slow in the coming months.
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