World gold price on the first day of the new week
The world gold price today tends to increase with spot gold increasing by 2.3 USD, so with last week's closing session, it was 1,939.6 USD/ounce.
Last week, gold got a boost in sales as the US jobs report for July was weaker than expected, including downward revisions in May and June.
The US loses momentum, even if inflationary pressure persists, leaving most market analysts upbeat or neutral on gold's outlook this week.
Specifically, among Wall Street analysts surveyed, 53% said they expect gold prices to be higher this week; 40% have a neutral outlook.
Last week, gold got a boost in sales as the US jobs report for July was weaker than expected, including downward revisions in May and June.
The US loses momentum, even if inflationary pressure persists, leaving most market analysts upbeat or neutral on gold's outlook this week.
Specifically, among Wall Street analysts surveyed, 53% said they expect gold prices to be higher this week; 40% have a neutral outlook.
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Technically, the USD rally and correction in the gold market is coming to an end. If gold holds current levels, the precious metal is highly likely to conquer new highs in the future.
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Inflation data to be released soon will play an important role in shaping the market trend in the near future.
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Last week, gold prices turned to rise after falling to a very low level of 1,926 USD/ounce. This is a positive signal that opens the way for the next uptrend of gold.
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The US will announce the consumer price index (CPI) in July. According to the forecast, the US inflation rate in July will increase by 0.2%, equal to June. If the actual increase is higher than the forecast, the possibility high is that the Fed will raise interest rates one more time and gold will be under pressure.
