The world gold price faces many risks when facing a series of monetary policies of many central banks around the world.
Edward Moya, senior market analyst at OANDA, said that the gold market is reacting due to the rally in the USD. The Bank of Japan (BOJ) signaled that it would maintain its loose monetary policy.
In addition, the meeting of the US Federal Reserve (Fed) on July 26 will almost certainly announce an increase in interest rates by 25 percentage points. Thereby, the strength of the USD continues to increase, making gold less attractive.
Edward Moya, senior market analyst at OANDA, said that the gold market is reacting due to the rally in the USD. The Bank of Japan (BOJ) signaled that it would maintain its loose monetary policy.
In addition, the meeting of the US Federal Reserve (Fed) on July 26 will almost certainly announce an increase in interest rates by 25 percentage points. Thereby, the strength of the USD continues to increase, making gold less attractive.
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The precious metal experts said that the direction of gold in the near future largely depends on the statement of Fed Chairman Jerome Powell at the press conference.
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According to Moya, if the Fed continues to make the option of tightening further and the upcoming economic data is positive, it will likely cause gold to fall deeply.
