Let's find out about gold today with Selena!
At the end of September, the price of gold is currently trading at a low of $1840 per ounce and shows no signs of stopping, dropping nearly $100, which is a loss of over 5% in value within a month. This is the second largest monthly drop this year.
The reasons could directly relate to the current monetary policy of the US Federal Reserve with a reference interest rate of 5.25-5.5%, the highest since 2001. Additionally, high inflation and the strongest US dollar in 10 months are also factors contributing to the decrease in gold prices.
Important reports on production and services in the US and EU will be released this week, and gold may experience a deep decline in the first week of October as there is currently no evidence to suggest that exchange rate fluctuations and selling pressure will stop after the recent sharp drop in gold prices.
At the end of September, the price of gold is currently trading at a low of $1840 per ounce and shows no signs of stopping, dropping nearly $100, which is a loss of over 5% in value within a month. This is the second largest monthly drop this year.
The reasons could directly relate to the current monetary policy of the US Federal Reserve with a reference interest rate of 5.25-5.5%, the highest since 2001. Additionally, high inflation and the strongest US dollar in 10 months are also factors contributing to the decrease in gold prices.
Important reports on production and services in the US and EU will be released this week, and gold may experience a deep decline in the first week of October as there is currently no evidence to suggest that exchange rate fluctuations and selling pressure will stop after the recent sharp drop in gold prices.
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Everett Millman, director of market analysis at Gainesville Coins, attributed gold's recent decline mainly to seasonal factors and options expiry. He predicts this precious metal will recover in the last quarter of the year.
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Expert Mark Leibovit said that gold is likely to reverse this week and the driving force for gold's increase is that the USD has peaked and begun to decline.
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