The world gold price has dropped continuously due to positive economic recovery signals from major economies. Japan's GDP growth in Q2 2023 was 6%, surpassing expectations. The USD also strengthened, causing investors to withdraw capital from gold. This has led to a deep decline in gold prices with no immediate chance of reversal.
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USD increase will be an indicator for the downtrend of Gold price. The price is currently at a sensitive level so more signals can be watched but the trend of trading strategy still supports selling down.
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Gold and silver prices edged lower in early trading on Monday, amid quieter US markets and hitting a six-week low.
