Gold prices rebounded strongly, and there was low buying in the market
2025-04-28 21:18:45
Gold prices reversed a downward trend on Monday as low buying followed trade developments and a flurry of economic data. Spot gold rose nearly 1 per cent to $3,349 an ounce after falling as much as 1.8 per cent. "We are starting to see the first signs that the selling momentum is drying up," said Daniel Ghali, commodities strategist at TD Securities, adding that downside risks to gold were extremely limited. "Western investors, particularly independent traders or macro funds, were completely underweight during the last rally in gold prices, so there was limited selling activity, which was also reflected in the rise in gold prices."
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