GOLD the world market adds bullish factors

At the end of last week, in addition to the US announcing a decline in GDP growth data, the market also received information that the UK's GDP growth also weakened by 0.1% in the third quarter of 2023.

The Japanese economy said industrial production output in November is forecast to decrease for the first time in the past three months. Estimates predict that the country's industrial output will decrease by 1.6% compared to October.

The expected production contraction in Japan is based on factors such as falling demand and a slowdown in global economic activity. The auto sector, a significant contributor to industrial production lost export momentum in November.

The world's second largest economy, China, has a real estate sector that remains gloomy as house prices have fallen the most in the past 8 years. Although the Central Bank of this country has further lowered interest rates to recover the economy, the real estate sector has not shown signs of recovery.

Thus, major economies are releasing third quarter economic growth reports and other related data, most of which have declining factors. Poor economic information supports gold prices to increase. Investors are still hoping that gold prices will increase during the New Year and Lunar New Year holidays when shopping demand increases.

Today, the American and European markets are entering the Thanksgiving and Christmas holidays. However, Asian markets are still trading normally.