Chris Weston, head of research at Pepperstone, said that improved position conditions, dynamic capital flow support, declining real yield curves, steeper yield curves, rising expectations of the Federal Reserve's interest rate cut, and continued purchases by the central bank all contributed to the recovery of gold prices to around 4,400 US dollars per ounce. The question now is whether the market has enough momentum to break through $4,500 an ounce and eventually challenge the highs close to $4,800 per ounce that appeared in April and May. He added that no one knows the answer, but when technological breakthroughs are consistent with favorable macro fundamentals and strong capital flow dynamics, trends tend to extend further than many expected.

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