Analyst: Spot Gold Extends Previous Day's Rebound, Expected to Remain Range-Bound in Coming Weeks

Odaily News Following its most severe sell-off in decades, the international spot gold price continued to rise on Wednesday, extending the rebound from the previous trading session. Broader geopolitical uncertainty has prompted funds to flow back into this safe-haven asset. After hitting a record high of $5,594.28, gold fell by over 13% cumulatively last Friday and Monday, marking its worst two-day decline in decades. Despite this, gold prices have still risen by more than 17% year-to-date. Analyst Edward Meir stated, "When the market experiences such sharp volatility, it is often followed by a rebound." He added, "Gold prices may have entered a consolidation phase and are more likely to trade sideways in the coming weeks rather than continue to experience sharp fluctuations." ADP data showed that only 22,000 new jobs were added in the month, significantly lower than the market's previous expectation of 48,000. (Jin10)