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Fed dovish remarks and ongoing Middle East tensions continue to drive gold to new highs.
On September 24th, Jin10 Data reported that Angel One analyst Saish Dessai said in a report that gold prices may rise against the backdrop of some Fed policymakers’ dovish comments and escalating geopolitical tensions in the Middle East. Fed’s Bullard said that there will be a lot of interest rate cuts in the next 12 months, while Fed’s Kashkari pointed out that the actual path will depend on the upcoming data. Dessai said that at the same time, concerns about the expansion of the Middle East conflict have boosted demand for safe-haven gold. He believes that the support range for Spot Gold is $2565-2604 per ounce, with a resistance range of $2695-$2738 per ounce.