The price of gold is currently trading below $1,850, the lowest level since March 10th, putting the final quarter of the year in a negative state. The US Dollar (USD) is strengthening against its major counterparts, supported by the recent rise of the US Dollar.
Furthermore, the persistent hawkish tone of the Federal Reserve combined with the resilient US economy continues to maintain optimism surrounding the US Dollar and interest rates on US Treasury bonds, preventing gold prices from rebounding from their 7-month lows.
Meanwhile, the speeches by the US Manufacturing PMI and Fed Chair Jerome Powell later in the day will be closely watched for any new insights into the economy and interest rate outlook, which could significantly impact the valuation of the US Dollar and gold prices.
Furthermore, the persistent hawkish tone of the Federal Reserve combined with the resilient US economy continues to maintain optimism surrounding the US Dollar and interest rates on US Treasury bonds, preventing gold prices from rebounding from their 7-month lows.
Meanwhile, the speeches by the US Manufacturing PMI and Fed Chair Jerome Powell later in the day will be closely watched for any new insights into the economy and interest rate outlook, which could significantly impact the valuation of the US Dollar and gold prices.
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The fact that the US Federal Reserve (Fed) did not raise interest rates in the last September adjustment period supported the USD and US bond yields increased, triggering a sell-off in the gold market, which caused prices to rise. Gold has been continuously pushed to low levels for many months.
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good luck everyone
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What do you think about the market this week? Comment your thoughts and wishes.
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By the end of September, the price of gold had lost 4.6% compared to the closing level in August. In the past 3 months, this precious metal has decreased by 3.3%.
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54% of experts predict higher gold prices in the near future, 31% of other experts predict gold prices will decrease. Only 15% of the remaining experts believe that gold prices will move sideways in the near future.
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Gold continues to plunge lower than yesterday
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