World gold gained modest gains when supported by the weakening of the USD. Early this morning, the US Dollar Index, which measures the volatility of the greenback, with 6 major currencies falling below the threshold of 102 points, increased the attractiveness of gold to buyers holding other currencies.
The precious metals market is relatively quiet at the beginning of the week as they await the June consumer price index report, which is expected to increase by 5.0% year-on-year and compared with the increase of 5.3% in the report. May. Trading activity in many financial markets, as well as precious metals, could heat up after the CPI report, especially if the released data does not live up to market expectations.
In recent times, gold has been stuck below $1,950 an ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer. However, Kristina Hooper, chief global market strategist at Invesco, said that price action is one factor that investors should consider when building a core position in gold.
The risk of a recession, rising geopolitical risks and central bank demand for gold amid the broader de-dollarization trend are some of the factors that could push gold prices back up, he said. back to $2,000/ounce by the end of this year. She added that even at current prices, gold still has a lot of value.
The precious metals market is relatively quiet at the beginning of the week as they await the June consumer price index report, which is expected to increase by 5.0% year-on-year and compared with the increase of 5.3% in the report. May. Trading activity in many financial markets, as well as precious metals, could heat up after the CPI report, especially if the released data does not live up to market expectations.
In recent times, gold has been stuck below $1,950 an ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer. However, Kristina Hooper, chief global market strategist at Invesco, said that price action is one factor that investors should consider when building a core position in gold.
The risk of a recession, rising geopolitical risks and central bank demand for gold amid the broader de-dollarization trend are some of the factors that could push gold prices back up, he said. back to $2,000/ounce by the end of this year. She added that even at current prices, gold still has a lot of value.
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Running +30Pips ✅
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Can resell 1939
✅ TP1: 1932
✅ TP2: 1927
✅ TP3: 1920
🛑 SL: 1949