Gold futures for far-month June started the week on a downward note because of profit booking and weak cues from around the world. Barring any unexpected events during this week, gold is expected to close out at the end of the week fairly close to where it opened. What is left to be seen is whether the week will end slightly above or below the opening this morning.
Gold Futures Down Around the World
Gold futures aren’t just down here and there. Everywhere around the world, including India, Singapore and the United States, gold futures as early as April are trending down. In Singapore, gold prices were set at $1,234.10 USD per ounce. This is only a .04 percent fall, but it is a good indication of how the week is likely to fare.
Profit Booking and Weak Cues
There isn’t much interest around the world for gold investing right now, which is impacting gold futures. Even though uncertainty from President Trump taking the reins in the United States is still there, the severity has abated. This, as well as other global cues, has led investors to liquidate their holdings.
Many of the investors who are offloading their gold right now are selling for a profit. This profit booking is opening the market up to becoming more saturated. There is a good chance that this will continue to hold gold down unless there is a shake-up somewhere in the world that has investors reaching out for gold once again.
People who are interested in investing in gold must keep an eye on what is going on around the world to determine if gold may rise or fall. While there doesn’t look to be much change ahead for the week, beyond this timeframe is uncertain.
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