COMEX Gold Falls From $4,500/oz, Analysts Say Near-Term Upside Limited

According to Jin10 Futures, COMEX gold futures prices have declined from the key level of $4,500 per ounce since June. Macroeconomic factors including U.S. fiscal stimulus and rising energy prices driven by Middle East geopolitical tensions have weighed on bullion, though inflation transmission to downstream sectors remains muted.

Analysts cited upside constraints from weak investment and consumption demand, exacerbated by equity market inflows into AI-related stocks. While gold has potential for a technical rebound after oversold conditions, lack of fresh positive catalysts limits the scope of near-term price recovery, according to research from Guangfa Futures and China Aviation Futures.