How does the world gold price change today?
Updated
The global price of gold slightly dropped to $1,936 per ounce and has remained low for the past three weeks. Despite the US credit rating downgrade, the dollar continues to trade at its highest level in the past month, which has contributed to the decline in gold prices.
Additionally, the 10-year US Treasury bond yield reached a nine-month high at 4.1360%. On August 3, the Bank of England raised interest rates by 25 basis points, reaching a 15-year high.
Investors are currently awaiting the release of the US jobs report, which could impact the Federal Reserve's policy stance. Ryan McKay, a commodity strategist at TD Securities, emphasizes the significance of this data, particularly given the recent positive economic indicators in the US, which have influenced market sentiment and the possibility of the Fed maintaining higher interest rates for a longer period.
Additionally, the 10-year US Treasury bond yield reached a nine-month high at 4.1360%. On August 3, the Bank of England raised interest rates by 25 basis points, reaching a 15-year high.
Investors are currently awaiting the release of the US jobs report, which could impact the Federal Reserve's policy stance. Ryan McKay, a commodity strategist at TD Securities, emphasizes the significance of this data, particularly given the recent positive economic indicators in the US, which have influenced market sentiment and the possibility of the Fed maintaining higher interest rates for a longer period.
Note
However, bad economic data did not significantly affect gold as safe-haven demand continued to make the US dollar attractive. Gold price for December delivery was still trading at $1,971 per ounce, down slightly by 0.2% on the day. Analysts have pointed out that the $1,970 price level is an important support and if broken, a drop to the $1,900 level is probable.Note
Andrew Hunter, vice president of US economics at Capital Economics, said that while economic growth was steady in the first half of 2023, the new data showed plenty of uncertainty going forward.Note
Schneider noted that investors should keep an eye on the support at $1,970 per ounce. If the yellow metal slides out of this level, the price can touch 1,930 USD/ounce. If the $1,900 level is broken, gold is likely to fall to $1,850 an ounce.
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