Gold continues its downward trend, unable to turn back yet
Updated
Hello dear friends!
The price of gold today continues to trade around $1980, with no new breakthroughs taking place.
Accordingly, yesterday, the US economy announced that the Consumer Price Index (CPI) for November increased by 3.1% compared to the same period last year, as predicted, and decreased lower than the 3.2% of the previous month.
The positive inflation information, as expected, has caused the USD to decline sharply, however, investors are still selling off gold. With high income levels and the CPI index for November higher than October, this suggests that inflation in the future in the US may increase again, therefore the Fed may not stop its interest rate hike trajectory.
If interest rates continue to rise or remain at a higher level for longer, then gold will continue to decline significantly.
The price of gold today continues to trade around $1980, with no new breakthroughs taking place.
Accordingly, yesterday, the US economy announced that the Consumer Price Index (CPI) for November increased by 3.1% compared to the same period last year, as predicted, and decreased lower than the 3.2% of the previous month.
The positive inflation information, as expected, has caused the USD to decline sharply, however, investors are still selling off gold. With high income levels and the CPI index for November higher than October, this suggests that inflation in the future in the US may increase again, therefore the Fed may not stop its interest rate hike trajectory.
If interest rates continue to rise or remain at a higher level for longer, then gold will continue to decline significantly.
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