How does gold price change?

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The price of gold in the global market has increased at the start of trading in the US due to safe-haven demand amid escalating tensions in the Middle East. The weakening US dollar is a supporting factor for the rise in gold prices.

The long-term outlook for gold is positive. However, the upward momentum may be delayed as the market is trying to assess the possibility of a US interest rate cut. Lower interest rates reduce the opportunity cost of holding precious metals.

Currently, according to the CME FedWatch tool, traders expect a 47% chance of a Fed rate cut in March. This percentage has decreased from 71% last week, which is significant in the short term. In the future, the upward price momentum may decrease significantly.
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How does gold price change?
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