Phillip Streible, senior market analyst at RJO Futures, said that he sees potential for lower prices in the near-term as central bank rhetoric weighs on gold. He added that the shortened trading week could promote investors to continue to quietly liquidate their positions.

“With growing optimism in the global economy, there seems to be little reason to own gold as a safe-haven,” he said. “People are shifting their focus to rising bond yields and that will hurt gold.”

 

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