Analyst: The path of least resistance for gold prices remains downward
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Golden Ten Data reported on May 26 that gold prices fell on Tuesday; previously, renewed tensions between the US and Iran drove up Brent crude prices and made the outlook for US interest rates increasingly uncertain. The resulting concerns about rising inflation put downward pressure on gold prices. Spot gold once fell 1.1%, trading at $4,521.80 per ounce. ActivTrades analyst Ricardo Evangelista said: "This uncertainty triggered a rise in oil prices, worsened inflation concerns, and strengthened market expectations for a hawkish stance from the Federal Reserve, which poses as a headwind for gold." "The path of least resistance for gold remains downward... Traders will continue to monitor the progress of US-Iran talks while also anticipating the release of US PCE inflation data."
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