In the world market, the price of gold traded on the Kitco floor traded at 1,914 USD/ounce.
Rising USD yields and 10-year US Treasuries reduce the attractiveness of gold. Especially when the Chairman of the US Federal Reserve (Fed) Jerome Powell may express his view of continuing to maintain higher interest rates for a long time, gold prices become more and more pressured.
At the Jackson Hole Congress in Wyoming, Mr. Powell knew how to make sound monetary policy decisions carefully. The Bank of America is yet to discuss bringing current rates high enough to warrant a return to the 2% target.
The USD index (a measure of the greenback's strength against other currencies) continued to rise, reaching 104.2 points.
According to experts, Mr. Powell's speech provides little new information about the direction of the US central bank in the near future.
The field still has to wait for data economics macros to arrive. If the data shows a weaker economy, that should support gold and vice versa.
Rising USD yields and 10-year US Treasuries reduce the attractiveness of gold. Especially when the Chairman of the US Federal Reserve (Fed) Jerome Powell may express his view of continuing to maintain higher interest rates for a long time, gold prices become more and more pressured.
At the Jackson Hole Congress in Wyoming, Mr. Powell knew how to make sound monetary policy decisions carefully. The Bank of America is yet to discuss bringing current rates high enough to warrant a return to the 2% target.
The USD index (a measure of the greenback's strength against other currencies) continued to rise, reaching 104.2 points.
According to experts, Mr. Powell's speech provides little new information about the direction of the US central bank in the near future.
The field still has to wait for data economics macros to arrive. If the data shows a weaker economy, that should support gold and vice versa.
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