What changes in gold prices this week?
Updated
Hi everybody! What do you expect about gold prices this week?
As for Karina: today's gold price decreased by about 6 USD after rising to 2031 USD, following a clear downtrend on the chart. This is due to the strengthening of the USD, as the Fed is unlikely to reduce interest rates in March. This makes investing in gold more expensive due to high interest rates.
Besides, the US core personal consumption index, an important inflation measure, influences the Fed's decision to loosen monetary policy. However, US macroeconomic data may not have much impact if gold prices stay below 2,000 USD/ounce.
James Stanley, senior strategist at Forex, predicts that gold prices will stabilize around $2,000 per ounce. He emphasized that any price drop below this level will be a buying opportunity for investors.
As for Karina: today's gold price decreased by about 6 USD after rising to 2031 USD, following a clear downtrend on the chart. This is due to the strengthening of the USD, as the Fed is unlikely to reduce interest rates in March. This makes investing in gold more expensive due to high interest rates.
Besides, the US core personal consumption index, an important inflation measure, influences the Fed's decision to loosen monetary policy. However, US macroeconomic data may not have much impact if gold prices stay below 2,000 USD/ounce.
James Stanley, senior strategist at Forex, predicts that gold prices will stabilize around $2,000 per ounce. He emphasized that any price drop below this level will be a buying opportunity for investors.
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