Institution: Gold demand remains solid, but upward momentum is limited

Golden Ten Data reported on April 29 that Priyanka Sachdeva from Phillip Nova stated in a report that the underlying demand for gold as a tool to hedge uncertainty remains strong. This means that even if the rally is limited, macro-level uncertainties will continue to provide structural support for gold prices. She pointed out that due to the strengthening of the US dollar and expectations of interest rate cuts, the upward momentum of gold is constrained, and these factors have weakened the appeal of non-yielding assets such as gold.