Dear readers, are you curious about the gold market today? In the early morning, gold had a tendency to increase by 0.7 USD compared to the closing price of last week's trading session and reached a level of 1916.5 USD/ounce.
"Gold is surprisingly strong even when the US dollar is strong this week and the culprit is the weakness of the euro (57.6% in DXY). The strength of the US dollar is truly remarkable due to its reaction to support tests, but gold continues to rise even in that context."
The latest weekly survey results from Kitco News show that most retail investors expect gold prices to rise by the end of September 1st. Meanwhile, market analysts remain cautious as they enter into the final week of August.
"Gold is surprisingly strong even when the US dollar is strong this week and the culprit is the weakness of the euro (57.6% in DXY). The strength of the US dollar is truly remarkable due to its reaction to support tests, but gold continues to rise even in that context."
The latest weekly survey results from Kitco News show that most retail investors expect gold prices to rise by the end of September 1st. Meanwhile, market analysts remain cautious as they enter into the final week of August.
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What do you think about the price of gold today?
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12 Wall Street analysts participated in Kitco News' gold survey. 42% think gold price will increase in the near future and 42% gold will decrease, 16% think gold price will move sideways.
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This week will see a bunch of key economic data released, including the ADP jobs report and nonfarm payrolls. These data are forecasted to help the market have a better insight into the US employment picture.
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After four consecutive weeks of losses, gold recorded a slight increase this week. However, this increase is still modest. Traders should note that the gold market is in a wait-and-see state and upcoming economic data could bring significant fluctuations.
