Greetings dear readers! The price of gold remains stable at 1943.6 USD/ounce this morning as the US market is closed for the Labor Day holiday.
Last week, gold experienced a gain of more than 1.25% due to the release of the non-farm payroll report on Friday, which revealed an increase in unemployment rates and a weakening US manufacturing index according to ISM data.
The latest survey indicates that retail investors expect gold prices to trade around 1,962 USD/ounce this week.
Last week, gold experienced a gain of more than 1.25% due to the release of the non-farm payroll report on Friday, which revealed an increase in unemployment rates and a weakening US manufacturing index according to ISM data.
The latest survey indicates that retail investors expect gold prices to trade around 1,962 USD/ounce this week.
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Gold will shine if there are signs that the Fed will cut interest rates.
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“I expect gold to rise in the long term, but that doesn't mean we can't waver and retest $1,900 an ounce again.”
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Marc Chandler - Managing Director at Bannockburn Global Forex also expects gold prices to increase this week.
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Chief market strategist at Blue Line Futures, currently does not see any factors that can stop the rise in bond yields.
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The US Bureau of Economic Analysis' report on second-quarter gross domestic product showed that the economy grew by 2.1%, lower than expectations.
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Gold is expected to undergo significant changes in response to the upcoming monetary policy meeting of the Federal Reserve on September 19-20. We hope that gold prices will continue to receive strong support.
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It can be observed that last night, the US dollar had a hot session which put pressure on gold prices, causing them to reach their lowest level in a week.
