Gold consolidates around $1,860
Updated
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The price of gold continues to rise as investors seek the safety of precious metals, currently trading at $1860. The supporting factor for gold is believed to be the escalating military conflict between Israel and Palestine.
On the other hand, the US dollar has depreciated following comments from officials at the Federal Reserve, stating that they will not further tighten monetary policy as the projected interest rate hike trajectory is sufficient to cool down inflation.
However, when the global gold price was trading around $1,865 per ounce, some investors sold off their positions, leading to short selling from others who anticipated a price drop in order to make a profit. As a result, the gold price briefly dipped to $1,852 per ounce but quickly recovered to its previous level and continues to maintain stability for its recovery.
The price of gold continues to rise as investors seek the safety of precious metals, currently trading at $1860. The supporting factor for gold is believed to be the escalating military conflict between Israel and Palestine.
On the other hand, the US dollar has depreciated following comments from officials at the Federal Reserve, stating that they will not further tighten monetary policy as the projected interest rate hike trajectory is sufficient to cool down inflation.
However, when the global gold price was trading around $1,865 per ounce, some investors sold off their positions, leading to short selling from others who anticipated a price drop in order to make a profit. As a result, the gold price briefly dipped to $1,852 per ounce but quickly recovered to its previous level and continues to maintain stability for its recovery.
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