The price of gold is highly influenced by changes in US interest rates. If the Federal Reserve decides to halt its interest rate hikes after the upcoming one, it is very likely that the price of gold could reach $2,000 per ounce.
As the value of the dollar decreases, the global price of gold continues to rise. The US Dollar Index, which measures the dollar's volatility against six major currencies, has dropped by 0.21% to 100 points.
Currently, gold prices are testing a crucial resistance level at $1,965 per ounce. If the Federal Reserve indicates that they are done with raising rates in their upcoming report, it could provide the necessary push for gold prices to move towards $2,000 per ounce once again.
As the value of the dollar decreases, the global price of gold continues to rise. The US Dollar Index, which measures the dollar's volatility against six major currencies, has dropped by 0.21% to 100 points.
Currently, gold prices are testing a crucial resistance level at $1,965 per ounce. If the Federal Reserve indicates that they are done with raising rates in their upcoming report, it could provide the necessary push for gold prices to move towards $2,000 per ounce once again.
