XAUUSD - Pressure of USD, gold price continues to fall
World gold price continued to fall with spot gold down 11.2 USD to 1,913.2 USD/ounce. December gold futures were last traded at $1,950.6 per ounce, down $9.3 from the previous day's dawn.
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 shows 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 gold demand in the world's second-largest economy will continue to decline in the near-term.
While gold is still trying to attract the attention of the bulls, Willem Middelkoop, founder and chief investment officer of the Commodity Discovery Fund, said gold is still well positioned as a currency. of the weakening dollar.
Market strategists say the recent volatility in the bond market as 10-year yields hold around 4% is a strong sign that investors are losing faith in the dollar.
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 shows 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 gold demand in the world's second-largest economy will continue to decline in the near-term.
While gold is still trying to attract the attention of the bulls, Willem Middelkoop, founder and chief investment officer of the Commodity Discovery Fund, said gold is still well positioned as a currency. of the weakening dollar.
Market strategists say the recent volatility in the bond market as 10-year yields hold around 4% is a strong sign that investors are losing faith in the dollar.
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The biggest hurdle for gold prices remains the Fed's "hawkish" stance. Despite the growing threats to the US economy, the Fed still doesn't have a definitive answer on when to end the tightening cycle. That is why, according to experts, gold will remain stuck until the economic picture becomes clearer.
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