Jin10 data reported on October 29, gold prices rose on Wednesday due to bargain buying, after gold prices fell to a three-week low on the previous trading day. Investors are currently waiting for the Fed's interest rate decision to be announced later today. Data shows that spot gold reached a high of around $4010/ounce, rising over 1% during the day. OANDA senior market analyst Kelvin Wong stated, “The reason for the short-term pullback in gold prices is due to trade optimism, as safe-haven assets adjust towards more reactive tools like the global stock market. In the short term, gold is facing downward pressure due to position adjustments by short-term leveraged players and the loss of key technical levels. However, the fundamentals for gold remain bullish.”
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