Gold Holds Above $4,000 After Sharp Selloff-Analysts Cite Technical Reset And Rate Cut Expectation

Benzinga

Gold rose 0.4% to $4,119.74 after a sharp correction, with analysts calling it a technical reset. Despite ETF outflows, the metal is still up 55% this year amid Fed rate-cut hopes and safe-haven demand.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Gold rose 0.4% on Thursday to $4,119.74 an ounce,

00:08recovering part of this week's 6% decline

00:10after a sharp market correction in the market's months-long rally,

00:13and according to Bloomberg,

00:14analysts said the pullback reflected a technical reset

00:17following overstretched gains rather than a change in fundamentals.

00:20Goldback ETF holdings saw their largest one-day drop in five months,

00:24while traders hedge against further volatility.

00:26That all remains up about 55% year-to-date,

00:28with expectations of a Federal Reserve rate cut,

00:31and continued safe haven demand.

00:33Pastors are monitoring renewed U.S.-China trade talks

00:35after Trump predicted a good deal with Xi Jinping,

00:38though he acknowledged the meeting might not occur.

00:40For all things money, visit Benzinga.com.

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