In the world gold market, spot gold price is at 1188.4 USD/ounce.
Gold futures for December delivery on the Comex New York exchange fell $9.3 or 0.47% to $1,950.6 an ounce.
Gold continued to fall and fell to a 4-week low on pressure from another economic report from China that showed less consumer demand for goods and services, including metals. type.
According to the report, the world's second-largest economy has fallen into deflation for the first time in two years due to weaker consumer demand. China's consumer prices fell 0.3% in July compared with the same period last year.
Selling activity in the chart-based precious metals market also emerged midweek, as the short-term technical views on gold and silver turned more bearish.
Gold futures for December delivery on the Comex New York exchange fell $9.3 or 0.47% to $1,950.6 an ounce.
Gold continued to fall and fell to a 4-week low on pressure from another economic report from China that showed less consumer demand for goods and services, including metals. type.
According to the report, the world's second-largest economy has fallen into deflation for the first time in two years due to weaker consumer demand. China's consumer prices fell 0.3% in July compared with the same period last year.
Selling activity in the chart-based precious metals market also emerged midweek, as the short-term technical views on gold and silver turned more bearish.
Comment:
In key external markets saw the US dollar index slightly lower. Nymex crude oil prices are higher and trading around $84 a barrel. Meanwhile, the benchmark 10-year US Treasury bond yield is currently at 4.182 percent.
Comment:
Following this development, long-term US government bond yields fell, making non-yielding precious metals like gold more attractive. The dollar index, which measures the strength of the greenback against a basket of major currencies, also fell 0.2%, away from the highs recorded in the previous session.
Comment:
The gold market continues to face difficulties when the US Federal Reserve (FED) is still maintaining the monetary tightening cycle, keeping investors out of the market until the Fed has a more definitive answer on the issue. interest rate direction.
Comment:
CPI recorded a 3.0% increase in the June report. Meanwhile, the US weekly jobless claims report was slightly higher than expected. Although both reports are tilted in favor of the US Federal Reserve (Fed) will ease monetary policy, but it does not seem to be enough to reverse the trend for gold.
