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8 July | Gold

Gold prices may test $3,000 level — Bloomberg’s McGlone

Gold/Euro
Gold/Silver Ratio
Gold
Gold prices may test $3,000 level — Bloomberg’s McGlone

According to Kitco, gold continues to hold above the critical $3,300 level despite selling pressure.

Mike McGlone, Bloomberg Intelligence strategist, noted that while the precious metal currently has potential to rise above $4,000 per ounce, equity markets continue to weigh on its price. The expert believes a new catalyst is needed to maintain positive momentum.

McGlone also highlighted a pullback in the yellow metal's price to $3,000 levels remains possible should equity markets strengthen. Additional factors affecting gold pricing include rising bond yields and strength in the S&P 500 index, the analyst added.

Anton Volkov MarketCheese

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