Gold down slightly but still safe to hold
Updated
The spot price of gold increased by 0.3% to $1914.79 per ounce, with no clear signs of significant fluctuations.
The Federal Reserve (Fed) is currently holding its annual symposium in Jackson Hole, where investors eagerly await Fed Chairman Jerome Powell's speech to determine whether interest rates will continue to rise.
Both the US dollar and US bond yields decreased following weaker-than-expected global economic growth data. The weak purchasing managers' index (PMI) has dampened the possibility of further interest rate hikes in both the US and Europe. This has had a strong impact on the price of gold.
The Federal Reserve (Fed) is currently holding its annual symposium in Jackson Hole, where investors eagerly await Fed Chairman Jerome Powell's speech to determine whether interest rates will continue to rise.
Both the US dollar and US bond yields decreased following weaker-than-expected global economic growth data. The weak purchasing managers' index (PMI) has dampened the possibility of further interest rate hikes in both the US and Europe. This has had a strong impact on the price of gold.
Note
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.Note
“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.Note
gold is moving in the right direction as indicator
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