Hello dear friends, it's a pleasure to meet you all and explore the gold market today! Currently, gold is experiencing a slight decrease of 1.5 USD to reach 1914.8 USD/ounce.
At the end of the trading week, the gold market continues to stay below the 1,950 USD/ounce mark. In the final trading session of this week, gold was not significantly influenced by the highly anticipated speech from Federal Reserve Chairman Jerome Powell at the annual Jackson Hole symposium.
According to Powell's speech, there was very little new information provided regarding the central bank's future direction. The Fed will continue to exercise caution in bringing inflation back up to its target of 2%. The battle against inflation is still ongoing and there is "a long road ahead" for Fed in controlling inflation at their desired level. This creates pressure on gold in the future.
At the end of the trading week, the gold market continues to stay below the 1,950 USD/ounce mark. In the final trading session of this week, gold was not significantly influenced by the highly anticipated speech from Federal Reserve Chairman Jerome Powell at the annual Jackson Hole symposium.
According to Powell's speech, there was very little new information provided regarding the central bank's future direction. The Fed will continue to exercise caution in bringing inflation back up to its target of 2%. The battle against inflation is still ongoing and there is "a long road ahead" for Fed in controlling inflation at their desired level. This creates pressure on gold in the future.
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The latest weekly survey results for gold show that most retail investors expect the price of gold to increase by the end of September 1st and trade around $1,941 per ounce.
