Gold Rally Spurs Cashing Out in Asian Markets
Asian markets showed hesitation in buying gold despite its recent record highs, opting to cash out and wait for potential price drops.
In India, sellers offered discounts of over $65 per ounce, preparing for regulatory changes impacting gold imports. In China, discounts on gold reached their lowest point in two years, with prices $6 below international spot rates.
Dealers in both countries are holding off purchases, anticipating further price declines. Analysts predict that gold prices may continue to rise through the year, potentially reaching $2,500 per ounce by Q4 due to expected Federal Reserve rate cuts.
Clever Robot News Desk 24th July 2024
