Gold Price Continues Uptrend, Analysts Warn of Profit-Taking Risk at High Levels

On September 2nd, spurred by the anticipation of interest rate cuts and geopolitical tensions, gold futures maintained their upward trend on Monday following the attainment of a historical high. The present price of gold futures is approximately $3547, showing a daily increase of 0.88% and reaching a high of $3557.10 per ounce during the day. FxPro analyst Alex Kuptsikevich pointed out in a research report that macroeconomic and geopolitical news continuously favor precious metals. There are reports suggesting that India is actively selling U.S. government bonds and increasing its gold reserves. He also noted that the lack of progress in Russia-Ukraine peace talks has boosted the demand for safe havens. Kuptsikevich stated that the more evident short-term bullish factor is the market's growing expectation of a Fed rate cut in September. However, he cautioned investors to be cautious when participating in this round of the gold rally, as historical highs often trigger significant profit-taking, as was the case in April of this year. (FX678)