Why is gold price action on pause? Standard Chartered sees $2,100 level early next year

Why is gold price action on pause? Standard Chartered sees $2,100 level early next year

Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) Gold is continuing to take its cues from the U.S. dollar as analysts focus more on the fiscal stimulus prospects rather than the election itself, according to Standard Chartered.

Even though the macro environment remains very supportive of higher gold prices, the precious metal is stuck at the $1,900 an ounce level, said Standard Chartered precious metals analyst Suki Cooper.

“Gold prices continue to oscillate around USD 1,900/oz, between the 50-day and 100-day moving averages, but continue to take their cues from macro drivers, predominantly the USD rather than real rates,” Cooper wrote on Friday. “We expect this to remain the case leading up to the U.S. presidential election.”

The amount of attention being given to stimulus seems to be […]

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