6 August 2024
Gold prices stabilized on Tuesday after experiencing a sharp selloff on Monday, which saw the biggest intraday drop since early June. The recovery came as global stock markets normalized and exchange-traded funds added gold to their holdings. Despite the recent volatility, gold remains up over 15% this year, supported by expectations of Federal Reserve rate cuts and central bank buying. Analysts at Goldman Sachs maintain a bullish outlook on gold, citing its hedging value against various economic and geopolitical risks.