Gavekal Macro Research: Gold and silver have ended their consecutive decline, but gold still has further room to fall

The settlement prices of gold and silver both rose, ending their four-day consecutive decline. Hamad Hussain of Kayou Macro stated that despite today's closing increase, gold still has further room to fall, and he does not believe $4,000 is the bottom. "We believe that the gold market may squeeze out more speculative elements," he said. He attributed this to AI/tech stocks continuing to be the preferred profit-making tool for speculators, as well as the market's view that the Fed led by Kevin Warsh will maintain a tight stance on interest rates. Gold futures for the near month closed up 1% at $4,030.50 per ounce, while silver closed up 0.5% at $58.348 per ounce.