The global price of gold has reached a critical point, hovering around $1,903 per ounce. On the Comex New York exchange, gold for December delivery is valued at $1,937 per ounce.
At the start of the trading session, there were instances when the world market's gold price dipped below $1,900 per ounce due to the strengthening US dollar.
In recent days, the value of the dollar in international markets has surged as a result of mounting pressure on exchange rates in Asia. This surge coincides with ongoing efforts by the US Federal Reserve (Fed) to tighten its monetary policy. There are expectations that interest rates may be raised once again during their September meeting - this would mark their 12th rate hike.
However, it is believed that over time, it will become increasingly challenging for the US dollar to avoid a downward trend. This is largely due to an impending reversal in Fed's monetary policy and diminishing purchasing power of the greenback as major countries such as China and Russia gradually reduce their dependence on using dollars in transactions.
At the start of the trading session, there were instances when the world market's gold price dipped below $1,900 per ounce due to the strengthening US dollar.
In recent days, the value of the dollar in international markets has surged as a result of mounting pressure on exchange rates in Asia. This surge coincides with ongoing efforts by the US Federal Reserve (Fed) to tighten its monetary policy. There are expectations that interest rates may be raised once again during their September meeting - this would mark their 12th rate hike.
However, it is believed that over time, it will become increasingly challenging for the US dollar to avoid a downward trend. This is largely due to an impending reversal in Fed's monetary policy and diminishing purchasing power of the greenback as major countries such as China and Russia gradually reduce their dependence on using dollars in transactions.
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The US economy is still quite strong and this is the basis for the central bank of this country to raise interest rates to pull inflation (at about 4-5% as at present) to the 2% target.
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The strong economic rebound has resulted in a rise in the value of the dollar while causing gold prices to drop consistently over recent sessions.
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Given these ongoing developments within the gold market that show little signs of improvement, investors are opting to sell their holdings in order to recover their capital.
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The Fed “is not ready to declare victory in the fight against high inflation.”
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Yesterday evening, the US announced the monetary policy meeting in July 2023. The Federal Reserve (FED) remains focused on controlling inflation. Some members of this group believe that interest rates need to increase further to achieve the 2% inflation target.
