World gold price continued to decline with spot gold down 11.2 USD to 1,913.2 USD/ounce. Gold futures in December last traded at $1,950.6 per ounce, down $9.3 from dawn the day before.
Gold fell to a four-week low in early morning trade as other economic reports from China showed weaker consumer and commodity demand. Specifically, the latest data showed that China's consumer prices fell for the first time since February 2021. Accordingly, the consumer price index (CPI) in July decreased by 0.3% compared to the same period last year. Meanwhile, the producer price index (PPI) fell for the 10th consecutive month, down 4.4% year-on-year and June's decline was 5.4%. The latest data from China raised concerns that the world's second-largest economy's demand for gold will continue to decline in the near-term.
XAUUSD
BUY 1916 - 1918
TP1: 1922
TP2: 1927
SL: 1911
Gold fell to a four-week low in early morning trade as other economic reports from China showed weaker consumer and commodity demand. Specifically, the latest data showed that China's consumer prices fell for the first time since February 2021. Accordingly, the consumer price index (CPI) in July decreased by 0.3% compared to the same period last year. Meanwhile, the producer price index (PPI) fell for the 10th consecutive month, down 4.4% year-on-year and June's decline was 5.4%. The latest data from China raised concerns that the world's second-largest economy's demand for gold will continue to decline in the near-term.
XAUUSD
BUY 1916 - 1918 TP1: 1922
TP2: 1927
SL: 1911
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Commerzbank forecasts gold will trade around $2,000 an ounce by year-end, with prices averaging around $2,050 an ounce in the first quarter of 2024. Gold will surpass all-time highs as the Fed rolls out cuts interest rates by the middle of next year.
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