Hello dear friends! Are you curious about today's gold price? Currently, gold is trading around the price range of 1935.97 usd/ounce and shows signs of a downward reversal compared to the previous session.
The market is still uncertain about the prediction that the Fed will pause interest rate hikes in this September meeting, as inflation figures in the US are still high compared to target levels. Specifically, the Consumer Price Index (CPI) for August in the US increased by 3.3% compared to the same period last year, higher than July's 3%.
There are still forecasts for potential interest rate hikes by the Fed, so gold prices have come under pressure. The USD and US Government bond yields remain at high levels which makes it difficult for gold to experience significant increases.
Buying gold is still a popular trend today.
The market is still uncertain about the prediction that the Fed will pause interest rate hikes in this September meeting, as inflation figures in the US are still high compared to target levels. Specifically, the Consumer Price Index (CPI) for August in the US increased by 3.3% compared to the same period last year, higher than July's 3%.
There are still forecasts for potential interest rate hikes by the Fed, so gold prices have come under pressure. The USD and US Government bond yields remain at high levels which makes it difficult for gold to experience significant increases.
Buying gold is still a popular trend today.
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Gold's future will depend on what happens to interest rates ahead of the FOMC meeting in September.
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The US market is closed for Labor Day, so there is not much information affecting gold trading
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Daniel Pavilonis, senior commodities broker at RJO Futures, said that gold will only increase in the short term. Precious metals will still be under a lot of pressure in the short term as some economic data remains relatively strong.
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Despite significantly easing the Fed's hawkish bets, the US Dollar remains resilient as fears of a recession in the US have eased.
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It can be observed that last night, the US dollar had a hot session which put pressure on gold prices, causing them to reach their lowest level in a week.
