Darius is delighted to have the opportunity to meet with you once again and discuss the topic of Gold. Today, we witnessed a remarkable turn of events after several consecutive days of declining prices. Gold experienced a slight increase and is currently being traded at 1871 USD, which signifies a rise of approximately 6 USD compared to yesterday's trading session. Simultaneously, both the USD and US government bond yields reached their highest level in 16 years. This surge in rates has raised the opportunity cost associated with holding gold, prompting investors to sell off their holdings.
However, it is important to note that these gains may face limitations due to resistance at $1,900 per ounce. The reason for this lies in higher interest rates which diminishes gold's appeal as an inflation hedge and could potentially drive down its price.
However, it is important to note that these gains may face limitations due to resistance at $1,900 per ounce. The reason for this lies in higher interest rates which diminishes gold's appeal as an inflation hedge and could potentially drive down its price.
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It is likely to fall further in the short term and even test support at $1,800 an ounce after falling below $1,900 for the first time since March this year.
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Gold will probably be bought today, but in the long term, gold will still decline
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In the last trading session of the week, gold rose as much as 0.8% as the latest report showed core inflation decreased in August. The core personal consumption expenditures price index (PCE) increased by 3, 9% year-on-year in August, down from 4.3% in July. However, gold could not hold on to its modest gains and continued to decline.
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The cause may be directly related to the current monetary policy of the US Federal Reserve (Fed) with a reference interest rate of 5.25-5.5% - the highest since 2001. In addition, inflation high, the strongest US dollar in 10 months is also the reason why gold prices decreased.
