World Gold Council: Gold Price Rally Takes a Healthy Pause

SEATTLE (Scrap Monster): According to the World Gold Council's (WGC) most recent Weekly Markets Monitor report, the recent surge in gold prices has taken a brief but healthy break amid an underlying upswing.

The price of yellow metals continued to fluctuate during the week; the LBMA Gold Price PM saw a little decrease, dropping 0.8% week over week to $3,249.7 an ounce. In spite of this, gold prices have risen by almost 25% so far this year. The weekly price drop was caused by a slowing in momentum and a cooling of market sentiment, according to WGC. According to the WGC report, the fall was also influenced by a little 0.4% drop in ETF inflows.

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The potential for the U.S. Federal Reserve to adopt a hawkish attitude could have an impact on gold prices in the next week. Conversely, it is anticipated that the possible increase in geopolitical risks and uncertainty surrounding international trade will provide some buffer. Given the current political and economic climate, WGC anticipates that central bank gold investments will remain robust, giving gold more strength.

The WGC analysis suggests that gold might find short-term support at about $3,164 an ounce. A longer consolidation could result upon a breach of this level. On the higher end of the spectrum, it encounters resistance at $3,600 and $3,627 per ounce.