Gold continues to fall even though the USD stops rising
After the international credit rating agency Fitch Rating downgraded the credit rating of the US, the US and European stock markets had two consecutive sessions of decline.
Many investors sold stocks to switch to holding US bonds when bond yields reached 4.17%/year. That means very little money flows into precious metals. Gold price today is under downward pressure.
Another factor that also makes the gold market difficult is that the American Institute of Supply Management announced that the Purchasing Managers' Index for services fell from 53.9% to 52.7%. This data shows that business activity in the US is slowing down, negatively impacting gold prices today.
Many investors sold stocks to switch to holding US bonds when bond yields reached 4.17%/year. That means very little money flows into precious metals. Gold price today is under downward pressure.
Another factor that also makes the gold market difficult is that the American Institute of Supply Management announced that the Purchasing Managers' Index for services fell from 53.9% to 52.7%. This data shows that business activity in the US is slowing down, negatively impacting gold prices today.
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Andrew Hunter, vice president of US economics at Capital Economics, said that while economic growth was steady in the first half of 2023, the new data showed plenty of uncertainty going forward.
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Schneider noted that investors should keep an eye on the support at $1,970 per ounce. If the yellow metal slides out of this level, the price can touch 1,930 USD/ounce. If the $1,900 level is broken, gold is likely to fall to $1,850 an ounce.
