The immediate delivery price of gold has decreased again on Wednesday, falling below the significant $1900 level that is crucial for gold buyers as the dollar rebounds from its lowest level in 15 months.
Retail sales data from the United States, released on Tuesday, showed strong consumer spending in the country, indicating a potential increase in inflation pressure in the coming months.
The dollar is also being boosted by the latest moves by the Federal Reserve regarding inflation and interest rates.
Retail sales data from the United States, released on Tuesday, showed strong consumer spending in the country, indicating a potential increase in inflation pressure in the coming months.
The dollar is also being boosted by the latest moves by the Federal Reserve regarding inflation and interest rates.
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The latest US retail sales data, which will be released on Tuesday, could contribute to the debate. So far, US consumers have remained resilient even in the face of rising interest rates, and this momentum could bolster the dollar.
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“We believe the Fed is nearing the end of its bull cycle, the USD remains in a structural downtrend, and tightening credit conditions could represent an economic risk,” Hynes said in the report. These create a supportive backdrop for gold.”
