Gold increased in the first session of the new week
Hello everyone! The current trading range for gold is around $1929-1930 per ounce.
Gold has received a slight boost in price due to the continued decline of the US dollar. Gold remains an attractive investment option as inflation in the US remains high, and it may even become a strong choice for investors if the US economy enters a recession.
Currently, we still need to monitor the inflation data of the US, which is expected to be announced on September 13th, and the monetary policy decision of the Federal Reserve on September 20th to have a clearer understanding of gold's future direction.
Gold has received a slight boost in price due to the continued decline of the US dollar. Gold remains an attractive investment option as inflation in the US remains high, and it may even become a strong choice for investors if the US economy enters a recession.
Currently, we still need to monitor the inflation data of the US, which is expected to be announced on September 13th, and the monetary policy decision of the Federal Reserve on September 20th to have a clearer understanding of gold's future direction.
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James Stanley, Senior Market Strategist at Forex.com, believes that CPI and ECB "will likely be the deciding factor" in gold's performance this week.
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Gold is following the right indicator
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Currently, the price of gold has dropped by $10 per ounce to $1,922 per ounce compared to yesterday's trading session. Despite a decrease in the USD-Index, it still remains at a high level. Additionally, the increase in US Treasury bond yields has contributed to the decline in gold prices.
