WGC Markets Monitor: Gold Prices Bounced During the Week

SEATTLE (Scrap Monster): The most recent edition of the World Gold Council's Weekly Markets Monitor was released.

The research claims that gold prices increased during the past week. Last Friday, the LBMA Gold Price PM finished at $3,325 an ounce, increasing its year-to-date increase by 27.4% and registering a weekly gain of 2.3%. Active buying in the option market was the primary cause of the price increase during the week. The price increase was caused by the uncertainty surrounding trade negotiations as well as growing geopolitical threats. According to WGC, the risk-induced premium of gold is probably here to stay.

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WGC observed that after reaching the $3,500 per ounce level, gold had continued its consolidation. The trade group pointed out that the underlying uptrend is still strong and that this is just a healthy short-term pause. According to the analysis, the fundamental uptrend in gold is set to restart as the USD is predicted to weaken once more.

The analysis states that $3,202 per ounce is a support price for gold. A longer consolidation could occur if this level is broken. Additionally, gold prices may eventually rise to the next resistance level at $3,600 per ounce and then $3,627 per ounce if they break above $3,500 per ounce.