SHINOBI - XAUUSD: Gold Constantly going down, full of gloom
In the world market, spot gold price on Kitco floor on August 17 (at 8 pm, Vietnam time) traded at 1,898 USD/ounce.
Gold market continues to plunge near the lowest level in 5 months. According to a report by the US Department of Labor, the number of weekly jobless claims fell by 11,000 to 239,000. This metric provides little insight into the health of the economy. Therefore, it is not possible to determine the next direction of gold.
While minutes of the Federal Reserve's July 2023 policy meeting showed policymakers remained divided on the need to raise interest rates further.
Trading on the market fell sharply, investors were afraid. SPDR Gold Trust, the world's largest gold exchange-traded fund, reduced its gold reserves to its lowest level since January 2020.
Gold price forecast
Yeap Jun Rong, market strategist at IG, said the gold market continues to struggle. Rising bond yields and USD reduce the attractiveness of gold. Many investors are apprehensive about precious metals.
The overall economic situation looks better than it did three months ago, said Everett Millman, market analyst at Gainesville Coins. Inflation seems to be falling the way the Fed wants. Against this backdrop, demand for safe-haven assets like gold will decline.
Gold market continues to plunge near the lowest level in 5 months. According to a report by the US Department of Labor, the number of weekly jobless claims fell by 11,000 to 239,000. This metric provides little insight into the health of the economy. Therefore, it is not possible to determine the next direction of gold.
While minutes of the Federal Reserve's July 2023 policy meeting showed policymakers remained divided on the need to raise interest rates further.
Trading on the market fell sharply, investors were afraid. SPDR Gold Trust, the world's largest gold exchange-traded fund, reduced its gold reserves to its lowest level since January 2020.
Gold price forecast
Yeap Jun Rong, market strategist at IG, said the gold market continues to struggle. Rising bond yields and USD reduce the attractiveness of gold. Many investors are apprehensive about precious metals.
The overall economic situation looks better than it did three months ago, said Everett Millman, market analyst at Gainesville Coins. Inflation seems to be falling the way the Fed wants. Against this backdrop, demand for safe-haven assets like gold will decline.
