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The price of gold continues to decline today, trading at $1966 and losing 0.12% during the day.
Gold is under pressure to decrease as the US dollar in the international market rapidly rebounds after a decline due to the Federal Reserve's dovish signals. The DXY index, which measures the fluctuations of the US dollar against a basket of six major currencies, has risen from 105 points to 105.7 points and plays a significant role as a strong resistance to the rise in the price of precious metals.
Forecast for gold and future trends:
Despite the significant decrease, demand for this commodity is increasing again, and some forecasts suggest that gold may not decline deeply as it is also considered a safe haven asset during times of increased political tensions.
Moreover, it is difficult for the US dollar to strengthen significantly as the Fed has signaled a less hawkish stance and the US is nearing the end of its interest rate hike cycle. The decline may form around the $1950 level.
The price of gold continues to decline today, trading at $1966 and losing 0.12% during the day.
Gold is under pressure to decrease as the US dollar in the international market rapidly rebounds after a decline due to the Federal Reserve's dovish signals. The DXY index, which measures the fluctuations of the US dollar against a basket of six major currencies, has risen from 105 points to 105.7 points and plays a significant role as a strong resistance to the rise in the price of precious metals.
Forecast for gold and future trends:
Despite the significant decrease, demand for this commodity is increasing again, and some forecasts suggest that gold may not decline deeply as it is also considered a safe haven asset during times of increased political tensions.
Moreover, it is difficult for the US dollar to strengthen significantly as the Fed has signaled a less hawkish stance and the US is nearing the end of its interest rate hike cycle. The decline may form around the $1950 level.
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