In the long run, gold is still king

Gold prices experienced a decline while the USD saw an increase, which came as a surprise to some investors who believed that the US Federal Reserve (Fed) would reverse its monetary policy and cut interest rates after 10 consecutive increases. However, Fed officials have made it clear that their top priority is to control inflation.

Recent news regarding the US debt ceiling negotiations has caused a significant drop in precious metals, leading to concerns about the possibility of a severe recession. The impact can be seen in the millions of projected job losses and the negative impact on business and consumer confidence.

Despite short-term fluctuations, Gold remains a safe haven for investors in the long term. We recommend waiting for an opportunity to buy at a price point with strong support around 1980USD.