Last week, the sudden declaration of martial law in South Korea caused market turmoil, leading to increased gold purchases. Geopolitical risks, including the ongoing tensions between Ukraine and Russia, as well as between Israel and Lebanon, have now been joined by new risks related to North Korea.
However, Federal Reserve Chairman Powell’s statement that ‘Bitcoin is a competitor to gold’ has caused speculative funds to flow into Bitcoin, reducing demand for gold. With both buying and selling factors influencing the market, it is expected that the price will remain in a consolidation phase for some time.
This week, the U.S. Consumer Price Index (CPI) for November will be released. If it shows an expected rise compared to the previous month, expectations for an interest rate cut by the Federal Reserve could decrease. This may increase selling pressure on gold, potentially testing the lower end of the range, with prices dropping below 2600.
Predicted Gold-Dollar Range: 2660–2605
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