Gold prices increased in the new weekly trading session

Updated

Hello everyone! The price of gold is currently trading around $1,923 per ounce in the early hours of the new week's trading session. The precious metal is trying to maintain its position close to last week's closing level, receiving some support from a slight decrease in the value of the US Dollar (USD). According to a recent survey, retail investors are expecting gold to trade around $1,933 per ounce this week.

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good luck

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James Stanley, Senior Market Strategist at Forex.com, believes that CPI and ECB "will likely be the deciding factor" in gold's performance this week.

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Gold is following the right indicator

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Currently, the price of gold has dropped by $10 per ounce to $1,922 per ounce compared to yesterday's trading session. Despite a decrease in the USD-Index, it still remains at a high level. Additionally, the increase in US Treasury bond yields has contributed to the decline in gold prices.

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At the time of the survey, DXY measured greenback fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) increasing by 0.07%; to 104.64.

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