Gold price today tends to decrease with gold trading around 1884.98 usd/ounce.
Ending last week, gold marked the third consecutive week of sharp decline. Expectations that the US Federal Reserve (Fed) will keep interest rates high for a long time weigh on this precious metal.
Talking about the price action this week, the market forecast will be quiet as investors wait for Fed Chairman Jerome Powell's speech at the annual Jackson Hole symposium.
"The Fed won't be able to keep rates high as the economy starts to slow. They will have to cut rates even if inflation remains high and those expectations are supporting gold prices."
Ending last week, gold marked the third consecutive week of sharp decline. Expectations that the US Federal Reserve (Fed) will keep interest rates high for a long time weigh on this precious metal.
Talking about the price action this week, the market forecast will be quiet as investors wait for Fed Chairman Jerome Powell's speech at the annual Jackson Hole symposium.
"The Fed won't be able to keep rates high as the economy starts to slow. They will have to cut rates even if inflation remains high and those expectations are supporting gold prices."
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In this case, the $1,800-1,810 USD/ounce range is a potential technical target. This has been a difficult range for gold to cross over the past 3 years.
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How do you see the gold price today?
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He also maintains a long-term bullish outlook for gold but sees a downside risk this week, said Ole Hansen, head of commodity strategy at Saxo Bank.
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The price of gold this week is still a mystery, many investors are hoping that the real gold price will not surpass the price mark of 1880 USD.
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The market received some support when the USD Index experienced a slight decrease of 0.1%. However, US 10-year yields continued their upward trend and reached 4.3439%, marking their highest level since October.
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Short-term Treasuries currently offer yields around 5%, which is significant competition for gold.
