The price of gold today, on August 17th, continues to decline sharply to $1,893.03 per ounce and has lost the support level of $1,900 per ounce.
Gold is weakening due to the sharp increase in the US dollar in the international market over the past few days, as the Federal Reserve (Fed) maintains a tight monetary policy. Meanwhile, many Asian countries are pushing for currency easing to revive their economies and push down gold prices.
The US dollar is expected to continue strengthening in the short term. Gold prices may still face downward pressure for the rest of summer. However, this short-term decline in gold is seen as an opportunity for investors. Gold may experience rapid growth next spring and next year. The long-term upward trend of gold is highly regarded.
Gold is weakening due to the sharp increase in the US dollar in the international market over the past few days, as the Federal Reserve (Fed) maintains a tight monetary policy. Meanwhile, many Asian countries are pushing for currency easing to revive their economies and push down gold prices.
The US dollar is expected to continue strengthening in the short term. Gold prices may still face downward pressure for the rest of summer. However, this short-term decline in gold is seen as an opportunity for investors. Gold may experience rapid growth next spring and next year. The long-term upward trend of gold is highly regarded.
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The latest US retail sales data, which will be released on Tuesday, could contribute to the debate. So far, US consumers have remained resilient even in the face of rising interest rates, and this momentum could bolster the dollar.
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The price of gold has become more costly for buyers who hold currencies other than the dollar, as indicated by a 0.2% increase in the dollar index.
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While ANZ remains bullish on gold, the current lackluster environment has prompted the bank to push back on its prediction of a new record high. The Bank of Australia forecasts prices to average around $2,050 an ounce by the fourth quarter of 2023. Prices are expected to hit a new high by the end of the first quarter of 2024, with prices averaging around $2,100.
