Analyst: The upside potential for gold prices may be limited, affected by the cooling expectations of a Fed rate cut.

Daniel Takieddine of Sky Links Capital stated that with expectations of a rate cut by the Federal Reserve easing, the upside potential of gold prices may be limited. Strong US labor data has supported US Treasury yields, putting pressure on the precious metal. Ongoing diplomatic efforts have brought hope for resolving conflicts in the Middle East, adding to the uncertainty of the gold price outlook. However, the CEO added that geopolitical risks outside of the Middle East and stable purchases by central banks continue to support gold prices. He pointed out that the recent trend in gold prices depends on upcoming US data, signals from the Federal Reserve, and geopolitical developments. Spot gold rose 0.5% to $1,699.02 per ounce.