The global gold price has dropped below the 1900 mark and hit a low of 1,896.78 USD per ounce.
The rise in the value of the US dollar has caused a significant decrease in gold prices. The world's largest gold ETF, SPDR Gold Trust, has been consistently selling off its holdings in recent sessions, reducing its gold ownership to 894.43 tons - the lowest level since January 2020.
Overall economic conditions seem to be improving compared to three months ago, and inflation appears to be decreasing as desired by the Federal Reserve. In such circumstances, there will be less demand for safe-haven assets like gold...
If there continues to be strong demand for the US dollar and if the price level of $1,880 per ounce is breached, then it is possible that the gold market could experience an even deeper decline.
The rise in the value of the US dollar has caused a significant decrease in gold prices. The world's largest gold ETF, SPDR Gold Trust, has been consistently selling off its holdings in recent sessions, reducing its gold ownership to 894.43 tons - the lowest level since January 2020.
Overall economic conditions seem to be improving compared to three months ago, and inflation appears to be decreasing as desired by the Federal Reserve. In such circumstances, there will be less demand for safe-haven assets like gold...
If there continues to be strong demand for the US dollar and if the price level of $1,880 per ounce is breached, then it is possible that the gold market could experience an even deeper decline.
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The strong tightening of monetary policy by the Federal Reserve poses the biggest challenge for gold and precious metals, with an 86.5% chance that the Fed will keep interest rates within a range of 5.25% to 5.50%.
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Daniel Hynes, senior commodity strategist at ANZ, said that while he cannot rule out a drop below $1,900 an ounce, he sees signs of solid support in the market.
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Currently, the benchmark interest rate in the US is in the range of 5.25 - 5.5%, the highest level in the past 22 years.
