Gold prices closed up on Tuesday (28th).
(Bloomberg file photo)
[Financial Channel/Comprehensive Report] As the banking industry’s worries eased, gold fell for 2 days in a row. On Tuesday (28th), gold prices stabilized and closed higher. Gold futures for April delivery closed up $19.70 or 1%, closing at $1973.50 an ounce.
"MarketWatch" reported that Lukman Otunuga, a market analyst at FXTM, said investors' interest in gold was restrained by both technical and fundamental forces.
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Otunuga pointed out that after hitting the $2,000 mark last week, bears took advantage of this stubborn resistance to attack, and the easing of banking concerns further weakened the safe-haven appeal of the precious metal.
While gold prices are likely to trade lower in the short-to-medium term, the long-term outlook remains positive for bulls amid expectations surrounding a September rate cut by the Federal Reserve.
In terms of other precious metals, silver futures for May delivery rose 1.2% to close at $23.42 an ounce; palladium for June delivery rose nearly 0.8% to close at $1,414.70 an ounce; platinum for July delivery fell 1.1% to close at $1,414.70 an ounce. $971.90.
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