Countries are currently engaged in full-scale gold repatriation

The decline in the value of the US dollar is contributing to the rise in the price of precious metals. The USDX index, which measures the volatility of the dollar against major currencies, has dropped 102 points to its lowest level in almost two months. A weaker dollar makes gold more appealing to buyers who hold currencies other than the dollar.

Recently, the price of gold has been hovering below $1,950 per ounce due to the expectation that the US Federal Reserve will maintain accommodative monetary policies throughout the summer. However, Kristina Hooper, chief global market strategist at Invesco, advises investors to consider pricing action when deciding to invest in gold.

According to Ms. Hooper, despite the challenging economic environment, gold remains an important strategic asset. She also suggests that the precious metal may continue to be well-supported in the short term as investors seek hedging opportunities in the market.

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With the slight increase in the price of gold and the price of gold listed at Kitco at 1,932.2 USD/ounce (equivalent to nearly 55.5 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between Domestic and international gold price is currently about 12 million

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The survey revealed that 58% of the respondents believe that the US action has made gold more attractive, signaling a shift in their investment preferences. Invesco noted that "a significant portion" of central banks now shares concerns about the precedent set by Russia's experience.

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Besides, precious metals fell in part due to higher crude oil prices and lower US Treasury yields, according to Kitco. Investors are being cautious ahead of the release of June inflation data.

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In recent times, gold has been stuck below $1,950 an ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer.

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Recently, gold has been stuck below $1,950 an ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer. However, Kristina Hooper, chief global market strategist at Invesco, said that price action is one factor that investors should consider when building a core position in gold.

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Gold prices have dropped below $1,950 per ounce due to the US Federal Reserve's decision to continue with their favorable monetary policies during the summer. Kristina Hooper, the chief global market strategist at Invesco, advises investors to take into account the pricing action when establishing a solid gold investment.

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In a recent interview with Kitco News, Kristina Hooper, global head of market strategy at Invesco, said that although gold faces a challenging environment as markets expect the Federal Reserve will raise rates by 25 basis points later this month, but the precious metal remains an important strategy.

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"If the outcome on inflation is not too high, this will have a positive effect and could take gold to $1,950 an ounce," said Edward Moya, a leading market analyst.

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According to Matt Simpson, senior market specialist at City Index, gold prices are being supported by the weakening of the dollar as the Fed seems to be hinting that the end of the tightening cycle is near. Tighten monetary policy. However, gold investors are hesitant about the US inflation report, due to be released on December 7.

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Gold for August futures was last traded at $1,937.2 per ounce, up $6.2 from dawn the previous day.

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According to Kitco, falling inflation is helping to breathe new life into the gold market, pushing prices to four-week highs and testing some initial resistance near $194 an ounce.

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In the medium and long term, gold is supported by the Fed's nearing end to its easing cycle.

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This was the third consecutive day of gains for spot gold, up 0.4% to $1,931.83 an ounce at 02:11 pm. EDT.

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Matt Simpson, senior market analyst at City Index, said the weakening dollar is supporting the precious metal as the Fed appears to be signaling that it is nearing the end of its tightening cycle. currency. However, gold investors were hesitant before the US inflation report on July 12.