Gold moves very cautiously before new moves
Hello dear friends! Today, on August 25th, the price of gold in the global market has seen a slight increase. Currently, gold is trading steadily around $1913 despite the rise in the value of the US dollar and bond yields at the end of this morning's trading session.
The weaker Purchasing Managers' Index (PMI) results have reduced the likelihood of further interest rate hikes in both the United States and Europe. This has had a positive impact on gold prices but has put downward pressure on US Treasury bond yields.
Although there are some positive signs being monitored just before Federal Reserve Chairman Jerome Powell's important speech at Jackson Hole symposium, gold market remains resilient to any potential changes.
The weaker Purchasing Managers' Index (PMI) results have reduced the likelihood of further interest rate hikes in both the United States and Europe. This has had a positive impact on gold prices but has put downward pressure on US Treasury bond yields.
Although there are some positive signs being monitored just before Federal Reserve Chairman Jerome Powell's important speech at Jackson Hole symposium, gold market remains resilient to any potential changes.
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Good luck with your trading
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Technical analyst Wang Tao said spot gold is likely to continue to rise and fluctuate in the range of $1,915 to $1,934 an ounce.
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Philadelphia Fed President Patrick Harker said the Fed needs to keep rates tight for a while.
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At the end of the trading week, the gold market continues to stay below the 1,950 USD/ounce mark
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The latest weekly survey results for gold show that most retail investors expect the price of gold to increase by the end of September 1st and trade around $1,941 per ounce.
