The current price of gold stands at $1,914 per ounce, experiencing a slight decrease of $4 per ounce compared to the same time yesterday. The decline in gold price today is attributed to the strengthening of the US dollar, which has reached its highest level in nearly three months.
The gold market remains calm and stable with minimal fluctuations after new data revealed a 5.2% drop in long-term commodity orders for the US economy.
Currently, market participants are eagerly awaiting statements from Jerome Powell, Chairman of the Federal Reserve (Fed), and Christine Lagarde, President of the European Central Bank (ECB), at the annual Jackson Hole Economic Symposium today. These speeches will provide clearer direction for gold's future trajectory.
The gold market remains calm and stable with minimal fluctuations after new data revealed a 5.2% drop in long-term commodity orders for the US economy.
Currently, market participants are eagerly awaiting statements from Jerome Powell, Chairman of the Federal Reserve (Fed), and Christine Lagarde, President of the European Central Bank (ECB), at the annual Jackson Hole Economic Symposium today. These speeches will provide clearer direction for gold's future trajectory.
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US inflation fell by two thirds from 9.1% to 3.2% in July. The labor market is still good, unemployment is low, Americans are still increasing consumer spending.
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“There is an expectation that most Fed speakers will continue to emphasize the importance of controlling inflationary pressures,” said David Meger, director of metals trading at High Ridge Futures.
