Gold has not found a suitable place to hit a new bottom
The current trading price for gold is approximately 1906.15 USD per ounce.
Gold has experienced a minor decline, reaching its lowest point in five months due to the positive outcome of a US economic report.
In response to the declining Russian economy and devaluation of their currency, the "rouble," Russia convened an emergency meeting and decided to raise their benchmark interest rate from 8.5% to 12%.
It is evident that gold prices are continuing to decrease today as a result of potential future rate hikes by the Federal Reserve, which will pose additional challenges for the precious metal.
Gold has experienced a minor decline, reaching its lowest point in five months due to the positive outcome of a US economic report.
In response to the declining Russian economy and devaluation of their currency, the "rouble," Russia convened an emergency meeting and decided to raise their benchmark interest rate from 8.5% to 12%.
It is evident that gold prices are continuing to decrease today as a result of potential future rate hikes by the Federal Reserve, which will pose additional challenges for the precious metal.
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Given these ongoing developments within the gold market that show little signs of improvement, investors are opting to sell their holdings in order to recover their capital.
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The Fed “is not ready to declare victory in the fight against high inflation.”
