GOLD - Where will gold go in the near future
World gold price listed on Kitco is at 1,913 USD/ounce, up 2 USD/ounce compared to early morning. Gold futures last traded at $1,920 an ounce.
The gold market is in a neutral state and could remain until the end of the summer as US economic data continues to support the Fed's trend of tightening monetary policy.
Short-term weakness can be seen as a buying opportunity as the market waits for a fresh spark to trigger a broader rally.
While the gold market has been fairly steady, with December gold futures holding support around $1,950 an ounce, the precious metal still faces a challenging environment, especially as bond yields are short. term continues at around 5%.
The gold market is seeing its second sharpest week of decline. December gold price was last traded at $1,946.50 an ounce, down 1.5% from last Friday.
The gold market is in a neutral state and could remain until the end of the summer as US economic data continues to support the Fed's trend of tightening monetary policy.
Short-term weakness can be seen as a buying opportunity as the market waits for a fresh spark to trigger a broader rally.
While the gold market has been fairly steady, with December gold futures holding support around $1,950 an ounce, the precious metal still faces a challenging environment, especially as bond yields are short. term continues at around 5%.
The gold market is seeing its second sharpest week of decline. December gold price was last traded at $1,946.50 an ounce, down 1.5% from last Friday.
Comment:
Gold prices have fallen about 1.2% so far this week as the US dollar index and 10-year Treasury yields continued to rise for the fourth straight week. Investors joined at the lower price of about $1,900/ounce and they became buyers. However, as the price of gold rose, they also became sellers.
