Mitsubishi UFJ: Strong US economic data puts pressure on gold market, waiting for bright prospects

Golden Finance reported that gold futures rose slightly in relatively light trading, but due to the uncertain prospect of the Federal Reserve's interest rate cut and the resilience of US economic data, gold prices are expected to close slightly lower this week. Mitsubishi UFJ analysts stated in the report that strong initial and retail sales data are keeping the market cautious ahead of the next Federal Reserve meeting. Despite this, due to geopolitical risks and concerns about dollar denominated assets caused by the decline of the US dollar, gold prices have still risen by 27% year to date. Analysts added that gold prices have been fluctuating within a range recently as the market is waiting for further clarity on US trade policies, tariffs, and the prospect of interest rate cuts.