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Gold Prices Still Have Room To Rise, But Many Influencing Factors Remain To Be Seen

Nicky Shiels, head of metals strategy at Swiss gold miner MKS PAMP Group, reported that the price of gold has reached above $1,900 an ounce, which means that the gold market is accumulating new momentum, and gold has also become a commodity market. The leader, the price of gold still has room to rise further in the future. Gold prices rose 5.5% over the past two weeks, while the commodity index excluding precious metals rose 1.5%, the report noted. Precious metals were the only group of commodities that fell last year, the report said, pushing prices of precious metals relative to other commodities to their lowest levels since 2009. That's changing this year, with gold hitting its highest level since June last year, and the rally has only just begun. However, the report also pointed out that if the price of gold wants to continue to maintain its bullish performance, it also needs the cooperation of the overall market trend. The report said that more and more investors are embracing commodity markets, mainly because of avoiding inflation risks, and optimistic about the trend of electrification and the prospect of green energy transition. If gold wants to benefit from this trend, it needs a larger rotation in the commodity sector, and economic uncertainty and even new crises will also help the performance of gold prices. The report said that from a longer-term perspective, gold prices are still in a large consolidation range, so there are still many influencing factors to be seen in the future.
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