(Kitco News) – After hitting record highs for the last six days, the gold market is taking a breather as it experiences some technical selling pressure heading into the weekend.
Solid buying momentum briefly pushed gold above $2,700 an ounce on Thursday. However, some analysts express growing concerns that the precious metal’s rally may be a bit overdone. December gold futures last traded at $2,669 an ounce, down nearly 1% on the day; however, prices are up nearly 1% from last Friday.
“After hitting a series of fresh record highs following a surprisingly large US rate cut, prices are showing signs of stabilizing. Some degree of buying fatigue is beginning to emerge, raising the question of whether we are close to a long-overdue consolidation or perhaps even a correction.
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