Amundi Bullish on Gold Rebound, Says Worst Phase Over

[Amundi Bullish on Gold Rebound, Says Worst Phase Over]

⑴ Amundi, Europe's largest asset manager, expects gold prices to rebound to around $4,500 per ounce after falling to a three-month low.

⑵ Lorenzo Portelli, head of cross-asset strategy at Amundi Investment Institute, said "the worst phase is over," noting that trader positioning was light after last week's pullback, which favors a rebound in the coming weeks.

⑶ Gold has been repeatedly contesting the $4,000/oz level recently, with market sentiment recovering after a marked cooling-off period.

⑷ Going forward, attention will focus on the pace of position replenishment and macro data's impact on rate-cut expectations; if capital flows back in, gold's rebound potential could expand further.