Gold Prices Extended Consolidation in Late-April

SEATTLE (Scrap Monster): The World Gold Council (WGC) published its latest Weekly Markets Monitor report.

The research claims that the price of gold continued to consolidate near the end of April this year. Last week, the commodity saw a decline. Last Friday, the LBMA Gold Price PM reached $3,278 per ounce. This is 1.9% less than the price from the previous week. By the conclusion of the week, the gold price's year-to-date gain had shrunk to 26 percent.

Gold was impacted by the federal court ruling that blocked Trump's April tariff announcement. Despite increased demand for ETFs, prices saw a little decrease over the course of the week. Following a record high in April, the price of gold continued to consolidate. This is regarded as a sound break in the main upward trend. Meanwhile, a populist election victory in Poland and a surprising Ukrainian strike deep within Russia boosted gold prices in early trade Monday, according to a WGC report.

In the future, if the labor market shows indications of faltering, the market's anticipation of a possible rate decrease by the US Fed may increase. The likelihood of a peace negotiation between Russia and Ukraine has been further undermined by the recent strikes between the two countries.

The WGC report predicts that the consolidation phase will come to an end and that the fundamental upward trend in gold prices will resume.

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