Continuing downtrend, forecast for gold

On the world market, gold price reached 1,856.59, down 5.9 USD

Expert Tony Sycamore of IG Australia believes that, under the impact of the latest developments in the currency market, the USD will continue to be bought and receive additional momentum. Therefore, Marc Chandler, CEO at Bannockburn Global Forex, commented that the gold market needs more economic data to confirm its sustainability and clearer direction.

Investors interested in this week include the minutes of the Fed's September meeting scheduled for release at the end of October 11, the US producer price index (PPI) for September and then the consumer price index. (CPI) September announced on October 12.

Gold is a non-interest-bearing asset, so any "dove" signal from the Fed will benefit gold prices. On the contrary, the signal of higher and longer interest rates from the Fed as recently is a factor that puts strong downward pressure on gold prices.

Domestic gold prices often move in the same direction as world gold prices, so it is likely that gold prices will decrease during the session on October 11.