The overall performance of the US dollar has been relatively ineffective compared to its major currencies in the past week, with gold prices experiencing a strong recovery.
The underlying reason for this is partly due to disappointing economic data from the world's largest economy. This contributes to financial markets increasingly pricing in less accommodative actions from the Federal Reserve.
In this week, gold prices are expected to have minimal volatility. However, overall market sentiment still anticipates a potential decline towards $1925 before determining further upward or downward trends for Gold.
The underlying reason for this is partly due to disappointing economic data from the world's largest economy. This contributes to financial markets increasingly pricing in less accommodative actions from the Federal Reserve.
In this week, gold prices are expected to have minimal volatility. However, overall market sentiment still anticipates a potential decline towards $1925 before determining further upward or downward trends for Gold.
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According to Kitco News's latest weekly gold survey, more than two-thirds of retail investors expect this precious metal commodity to increase.
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The fact that gold still holds the current support level in the context of the strength of the USD has returned is quite an optimistic factor.
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According to consensus estimates, economists expect growth of 2.4%. The closely watched personal consumption expenditures (PCE) price index in the second quarter rose 2.5% from the first estimate of a 2.6% increase.
