The world gold price stood at 1,938 USD/ounce, up 14 USD/ounce over the same hour last morning.
The USDX index, which measures the greenback's volatility with six major currencies, slipped 102 points to near a two-month low. A weaker dollar also makes gold more attractive to buyers holding other currencies.
Ms. Hooper explained that although gold faces a challenging environment, it remains an important strategic asset to own. She added that the precious metal could continue to be well-supported in the near-term as investors look for increasing hedging opportunities in the market.
The USDX index, which measures the greenback's volatility with six major currencies, slipped 102 points to near a two-month low. A weaker dollar also makes gold more attractive to buyers holding other currencies.
Ms. Hooper explained that although gold faces a challenging environment, it remains an important strategic asset to own. She added that the precious metal could continue to be well-supported in the near-term as investors look for increasing hedging opportunities in the market.
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According to Matt Simpson, senior market specialist at City Index, gold prices are being supported by the weakening of the dollar as the Fed seems to be hinting that the end of the tightening cycle is near. Tighten monetary policy. However, gold investors are hesitant about the US inflation report, due to be released on December 7.
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Besides, precious metals fell in part due to higher crude oil prices and lower US Treasury yields, according to Kitco. Investors are being cautious ahead of the release of June inflation data.
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Recently, Invesco's annual global sovereign wealth management report shows that more and more countries are hoarding gold. According to the Invesco survey, a significant percentage of central banks are concerned about the precedent set by the US freezing Russia's reserves, with a majority (58%) agreeing that the event has made gold attractive. than. Central banks are concerned about the precedent that has been set with Russia.
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On July 12, the US Dollar Index fell below 102 points and US bond yields also fell slightly. The world spot gold price increased by 7.1 USD to 1,932.2 USD/ounce.
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Recently, gold has been caught below the level of 1,950 USD/ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer. However, Kristina Hooper, chief global market strategist at Invesco, said that pricing action is one factor that investors should consider when building a core position on gold.
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Conversely, if the gold price sustains below $1,943 per ounce, it is likely to plummet to $1,891 per ounce, or even plummet to $1,830 per ounce.
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Meanwhile, according to Michael Boutros, senior technical strategist at Forex.com (online forex broker), gold can only break its downtrend when it rises above $1943/oz.
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This was the third consecutive day of gains for spot gold, up 0.4% to $1,931.83 an ounce at 02:11 pm. EDT.
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Meanwhile, according to Michael Boutros, senior technical strategist at Forex.com (online forex broker), gold can only break its downtrend when it rises above $1943/oz.
