Darin Newsom, senior market analyst at Barchart.com, believes that gold prices may face pressure in the short term, but gold still has a safe-haven role for central banks and long-term investors.
The outlook is coming a week, and the market is paying attention to the May consumer price index released by the United States next Wednesday (11th). According to a survey by Bloomberg, analysts expect U.S. inflation to recover, with overall inflation rising to 2.5% from 2.3% the previous month.
Gold prices hold the key level of $3,310 per ounce, and analysts are optimistic that gold prices will remain firm in the coming week.
The employment data released by the United States on Friday (June 6) was stronger than expected, causing market expectations for further rate cuts in the Federal Reserve. This pushed gold prices to the pressure, with futures gold falling 1.31% to $3,331 per ounce on Friday; spot gold prices also fell 1.26% to $3,310.42 per ounce.
However, based on the performance of the whole week, futures gold prices continued to rise by 1.28% in a week; spot gold prices rose by 0.64% in a week.