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gold prices expected to rise as analysts warn of stock market decline

Bank of America, Citi, and Goldman Sachs are optimistic about gold's potential, predicting prices could reach between $3,200 and $3,500 due to factors like China's investment policy and US economic concerns. In contrast, JPMorgan and UBS express bearish views on the S&P 500, forecasting significant pullbacks amid signs of consumer fatigue and economic downturn risks.

market outlook remains positive amid geopolitical tensions and economic uncertainties

Policymakers face challenges in reducing debt while avoiding tax increases, with U.K. Finance Minister Rachel Reeves addressing a £22 billion financing shortfall. Meanwhile, Maersk raised its 2024 EBITDA forecast to $11-11.5 billion, driven by strong demand and market conditions. Gold prices surged above $2,700 an ounce amid macroeconomic uncertainties, with analysts predicting further gains.

gold prices soar as analysts predict new records ahead

Gold has entered a "new bullish phase," reaching a record high of $2,700 per ounce, with analysts predicting further increases to $3,000 amid rising U.S. debt and geopolitical tensions. Central bank purchases surged to 483 tonnes in early 2024, reflecting a strong demand for the precious metal as a safe-haven asset. Despite a decline in Chinese retail demand, expectations remain high, with forecasts suggesting gold could average $2,800 this quarter and $3,000 by late next year.

asia markets decline as hyundai shares drop and gold hits record high

Asia markets mostly declined following a slip in major U.S. indexes, with Hyundai Motor India shares dropping over 5% on their debut after a $3.3 billion IPO. Meanwhile, YG Plus shares surged nearly 30% after a collaboration track by Blackpink's Rosé topped streaming charts. Gold prices hit a record high of $2,700 per ounce, driven by central bank buying and macroeconomic uncertainties, while JPMorgan highlighted potential catalysts for a rally in Xpeng shares.
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