Gold price prediction: What is the outlook for the yellow metal today
Gold prices face short-term upward pressure but are expected to have capped gains due to strengthening oil prices and the US dollar. Geopolitical tensions, specifically Houthi attacks in the Middle East, continue to influence commodity market volatility.
Why it matters
Gold is a traditional safe-haven asset, and its price fluctuations reflect global investor sentiment regarding geopolitical instability and currency strength.
Gold price prediction today: Gold prices may rise in the short-term but the upside is likely to be capped, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan. Let’s take a look:Gold Performance:On October 12, spot gold surrendered its gains made in the Asian session to slide lower as the day wore on as oil prices and Dollar Index strengthened.At the time of writing this article on the night of October 12, spot gold was changing hands at $4165, down nearly 0.7% for the day.
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