Gold continues the downtrend
Updated
Gold prices continued to decline today, reaching the lowest point in a week at 1918.98 USD/ounce due to the strengthening of the US dollar and higher interest rates on government bonds.
"The concerns about economic recession in the US have been consistently pushed back, and we can see potential recovery in activity data pushing up the US dollar."
As a result, the US dollar is being held near its highest level in six months, reducing investors' demand for gold. This creates pressure on gold prices in the near future.
"The concerns about economic recession in the US have been consistently pushed back, and we can see potential recovery in activity data pushing up the US dollar."
As a result, the US dollar is being held near its highest level in six months, reducing investors' demand for gold. This creates pressure on gold prices in the near future.
Note
good luckNote
Elsewhere, grim concerns about China, one of the world’s biggest Gold customers, join the Sino-American tussles and upbeat yields to also increase the hardships for the XAU/USD recovery.Note
The US announced that the number of initial weekly unemployment benefit applications increased by only 216,000 applications, much less than the forecast of 234,000 applications.
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