Gold Prices Rebound Strongly Amid Dip Buying
According to Jinse, gold prices reversed their decline on Monday and rose due to dip buying, as the market focused on trade developments and a series of economic data. Spot gold in the U.S. market rose nearly 1%, trading at $3,349 per ounce, after having dropped 1.8% earlier. TD Securities commodity strategist Daniel Ghali stated, "We are beginning to see preliminary signs of exhaustion in selling momentum," adding that the downside risk for gold is extremely limited. "Western investors, especially self-directed traders or macro funds, were fully underinvested in gold during the last wave of price increases, so the selling activity is limited, and the price rise reflects this."
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