Has gold completely lost its momentum? Is it still a good time to invest in gold?

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　　Recently, the international spot gold price has continued to hover around the $4,800/ounce mark, which is a clear pullback from the high of $5,598/ounce set earlier this year. There are increasing voices in the market saying that "gold prices can't go up any further." Has gold really hit its ceiling? Li Gang, Director of Research at the China Foreign Exchange Investment Research Institute, analyzed for @China News Finance that gold prices have not "peaked," but are instead consolidating at high levels, with fierce games between bulls and bears.

　　In the short term, gold prices are under fourfold pressure: oil prices have risen due to geopolitical risks, pushing up inflation expectations and leading the market to bet that the Federal Reserve may maintain high interest rates for an extended period, thus weakening gold's appeal; high oil prices are also boosting the US dollar, suppressing gold prices; the market pricing for rate cuts this year has dropped significantly, greatly increasing the opportunity cost of holding gold; after gold prices surged sharply to above $5,500 at the beginning of the year, some funds took profits around the $4,800/ounce level, resulting in repeated volatility.

　　Source: Bagel Finance

Editor: Liu Wanli SF014