Gold prices futures settled at $2

Gold prices futures settled at $2,328 amid thin trading volumes ahead of key Fed speeches. Traders remain wary that hawkish commentary could strengthen the dollar and weigh slightly on bullion prices. Among the key drivers of total demand identified in the report were gold ETF investment, which accounted for 170 metric tons or 5 million troy ounces, and Asian-listed funds at 70 metric tons or 2 million troy ounces. Historically, gold has shown extended up cycles and down cycles. The precious metal was in a growth phase from 2009 to 2011. It then trended down, failing to set a new high for nine years. Gold prices futures dipped to $2,319 as equity markets rallied sharply, reducing demand for safe havens. The gold market’s short-term trend may hinge on upcoming Fed minutes revealing internal debates on rate policy.