XAUUSD - Dropped to lowest level in 9 months
This morning, world gold prices continued to decline with spot gold down 11.4 USD to 1,864.8 USD/ounce. Gold futures last traded at $1,882.30 an ounce, down $8.60 from the bright spot.
World gold was at its darkest in 9 months in the early morning trading session this morning (Vietnam time) as high bond yields and a strong USD continued to weigh on the precious metal.
Experts predict that gold is likely to fall further in the short term and even test support at $1,800 an ounce after falling below $1,900 for the first time since March. However, one optimistic market analyst said that any short-term weakness should not change the long-term bullish outlook for the precious metal.
Ole Hansen, commodity strategist at Saxo Bank, said that the 10-year bond yield is currently trading near a 16-year high at 4.6% and the US dollar index is at a high. highest in a recent year (over 106 points), the award sale deserves to happen sooner. He added that, even after Wednesday's sale, gold prices are still relatively strong.
World gold was at its darkest in 9 months in the early morning trading session this morning (Vietnam time) as high bond yields and a strong USD continued to weigh on the precious metal.
Experts predict that gold is likely to fall further in the short term and even test support at $1,800 an ounce after falling below $1,900 for the first time since March. However, one optimistic market analyst said that any short-term weakness should not change the long-term bullish outlook for the precious metal.
Ole Hansen, commodity strategist at Saxo Bank, said that the 10-year bond yield is currently trading near a 16-year high at 4.6% and the US dollar index is at a high. highest in a recent year (over 106 points), the award sale deserves to happen sooner. He added that, even after Wednesday's sale, gold prices are still relatively strong.
