Gold was supported as investors showed no confidence in the decisions of the Fed as the public line continued to raise the threat of a recession attack.
Wall Street analysts and retail investors on Wall Street are not very confident in the gold market after the latest monetary policy decision by the US Federal Reserve (Fed) kept interest rates unchanged but reported the possibility of two more rate hikes later this year.
The USD Index, a measure of the greenback's strength against currencies in the currency basketball, rose 0.15% to 102
After following the technical chart, Gold continues to move sideways within the border and is indestructible
Wall Street analysts and retail investors on Wall Street are not very confident in the gold market after the latest monetary policy decision by the US Federal Reserve (Fed) kept interest rates unchanged but reported the possibility of two more rate hikes later this year.
The USD Index, a measure of the greenback's strength against currencies in the currency basketball, rose 0.15% to 102
After following the technical chart, Gold continues to move sideways within the border and is indestructible
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This week, the international gold price fell from 1,958 USD/oz to 1,910 USD/oz, then recovered to 1,935 USD/oz and closed at 1,921 USD/oz.
The reason why international gold prices fell this week was because many central banks around the world simultaneously raised interest rates to curb inflation. In a surprise move, the Bank of England raised its key interest rate from 4.5% to 5%. This is the biggest rate hike since February 2023, bringing the prime rate to its highest level since 2008. At the same time, Norway's central bank has raised interest rates by 50 points and the National Bank of Switzerland raised interest rates by 25 points. In particular, the Turkish central bank raised interest rates by 6.5% to 15%.
The reason why international gold prices fell this week was because many central banks around the world simultaneously raised interest rates to curb inflation. In a surprise move, the Bank of England raised its key interest rate from 4.5% to 5%. This is the biggest rate hike since February 2023, bringing the prime rate to its highest level since 2008. At the same time, Norway's central bank has raised interest rates by 50 points and the National Bank of Switzerland raised interest rates by 25 points. In particular, the Turkish central bank raised interest rates by 6.5% to 15%.
Support level: 1,912.50 1,903.80 1,988.10
Resistance levels: 1,932.00 1,941.90 1,956.70