Gold Tops $2,600 Barrier to Wrap up Big Week, but Correction Could Be Coming
Crazy buying! India's gold import volume exceeded 10 billion US dollars last month, reaching an all-time high.
① More and more signs show that after India lowered the import tariffs on gold this summer, the demand for gold jewelry and gold bars among Indian consumers has surged, which has increasingly become a key driving force behind the record high global gold prices... ② Data released by the Indian government this week shows that the value of gold imports in India in August reached $10.06 billion, reaching a historic high.
Gold prices are crazy! The state-owned major banks have urgently announced the adjustment of the rules for accumulating gold rsp.
Analyst: The upward trend in gold prices remains unchanged.
Gold hit a new historical high the day after the Fed cut interest rates! UBS Group predicts that the gold price will reach $2700 next year.
The day before, the Federal Reserve initiated a monetary easing cycle, cutting interest rates by 50 basis points. This move is seen as bullish for gold, as lower borrowing costs are beneficial for gold, which does not pay any interest.
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