Wall Street Predicts Gold Prices Could Begin to Decline
Gold prices have increased by 15.52% year-to-date and are among the top-performing commodities in the market. It printed new highs every month this year and sustainably scaled up in the indices. Retail investors, institutional funds, and central banks of developing countries have taken entry positions into the precious metal this year. However, Wall Street has now turned bearish on gold prices indicating its rally could be over. The XAU/USD chart shows gold prices hovering around the $2,340 mark on Tuesday. Also Read: 10 U.S. Sectors To Be Affected if ASEAN Ditches the Dollar The majority of traders who purchased GOLD for investments early this year are currently in profit. It had reached an all-time high of $2,450 this month and shed a portion of its gains due to profit bookings. Institutional funds indulged in sell-offs that made Gold Prices fall to the $2,340 level this week. So, will the precious metal dust itself move north in the charts or slump further? In this article...