GO
| HSI1 | 24,562.24 | -446.36 | 347.33B |
| HSCEI1 | 8,136.73 | -181.41 | 111.34B |
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2026-07-17 14:00:13 Market concerns over the deteriorated situations in the Middle East overshadowed the positive impact from softer-than-expected US inflation in June, which eased expectations for interest rate hikes. Spot gold held sturdy at USD3,978 per ounce, hovering near a two-week low since early July. New York gold futures for August delivery last traded at USD3,983 per ounce, down 0.2%. Gold prices have accumulated a decline of more than 3% this week and are set for the biggest weekly drop in six weeks. Bank of America's technical strategists warned on Thursday (16th) that the downswing in gold prices is far from over, and the correction seen so far this year may still have substantial downside. They said the trend could resemble the devastating bear markets that followed major gold rallies in 1980 and 2011. The strategists proposed a phased buying strategy, recommending investors complete full allocation only when gold prices fall into the USD3,450-3,250 range. Bank of America also drew a striking historical comparison, noting that the three major gold bear markets since 1970 each saw corrections of at least 50% of the preceding rally. If the same pattern repeats this time, downside risks for gold prices could point to USD3,315, implying around 16.7% downside from current spot gold prices. ~ AASTOCKS Financial News Website: www.aastocks.com | |