Global gold prices declined during Tuesday's trading session but remained near their record highs as investors awaited the Federal Reserve’s meeting minutes and a speech by its chairman, Jerome Powell, for clues on the extent of interest rate cuts by the central bank this year.
Yip Jun Rong, a market strategist at IG, stated, "Gold prices have largely stabilized in the Asian session and appear to be taking a breather as buyers seek to defend their new record highs."
He added, "The bullish trend for gold remains intact, which could see prices aiming for the $2,665 level from a technical perspective."
Analysts at Citigroup (NYSE:C) predicted in a note that gold prices could rise to $3,000 per ounce by mid-next year, with an average price of $2,550 by the end of 2025, according to Reuters
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