The current global price of gold experienced a slight decrease today, with the value of gold declining by $7.6 to reach $1,906.8 per ounce. In terms of futures trading, December gold futures were last observed at $1,944 per ounce, which is a decrease of $2.6 from the previous day's trading session.
At the start of this week, prices for December gold futures hit a five-month low due to pressure from an increase in the value of the US dollar. Earlier today, the US Dollar Index rose above 103 points, making gold less attractive to buyers who hold currencies other than USD. Moreover, technical indicators for gold are currently trending downward causing uncertainty amongst those who support higher prices.
In the short term, it will likely remain challenging for gold to gain any bullish momentum; however it is important to note that demand from major central banks around the world will act as a support level for declines in its value. A recent report published by World Gold Council indicates that these central banks have not yet ceased adding more gold reserves to their holdings as part of their ongoing strategies and diversification efforts.
At the start of this week, prices for December gold futures hit a five-month low due to pressure from an increase in the value of the US dollar. Earlier today, the US Dollar Index rose above 103 points, making gold less attractive to buyers who hold currencies other than USD. Moreover, technical indicators for gold are currently trending downward causing uncertainty amongst those who support higher prices.
In the short term, it will likely remain challenging for gold to gain any bullish momentum; however it is important to note that demand from major central banks around the world will act as a support level for declines in its value. A recent report published by World Gold Council indicates that these central banks have not yet ceased adding more gold reserves to their holdings as part of their ongoing strategies and diversification efforts.
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Due to the appreciation of the USD, the US bond interest rate also jumped to 4.19%/year. This prompted many greenback collectors to buy bonds, making the dollar appreciate even more. Gold price today bears more downward pressure.
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USD still maintains the continuation of the uptrend after confirming the break of the accumulation area of the flag pattern
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Technical analysis shows a short-term bearish bias for both metals, opening the door for bears (who expect prices to fall), also giving chart speculators more reason due to monitor the short-term market of these two metals.
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In recent days, the value of the dollar in international markets has surged as a result of mounting pressure on exchange rates in Asia. This surge coincides with ongoing efforts by the US Federal Reserve (Fed) to tighten its monetary policy. There are expectations that interest rates may be raised once again during their September meeting - this would mark their 12th rate hike.
