Gold prices retreat from historical highs, but analysts still bullish about near-term outlook

GOLD prices are retreating from the historical highs of a week ago, but market watchers remain bullish that the precious yellow metal may touch new heights as market volatility and macroeconomic uncertainty channel investor flows into the commodity. 

Gold spot prices headed lower on Monday (Mar 18), hovering around US$2,157 per troy ounce as at Singapore market close, or down 1 per cent week on week. Gold futures prices on the New York Mercantile Exchange closed at US$2,161.50 per 100 troy ounces on Mar 15, down 1.2 per cent for the week. 

The pullback came as investors braced themselves for a slew of policy decisions from major global central banks, including the US Federal Reserve this week.