Gold price today and forecast in the near future

2 Agu 2023

The world gold price dropped this morning, with spot gold decreasing by $15.2 to $1,949.3 per ounce.

The rise in the US Dollar Index to 102 points added pressure on gold due to a lack of market-boosting information.

Experts predict a quiet gold market until labor market data is released on Friday. Economists expect the number of nonfarm payrolls to increase to 200,000 jobs, compared to 209,000 in the previous report.

2 Agu 2023

Catatan

Over the past time, precious metals have been strongly influenced by the positive monetary policy stance of the US Federal Reserve (Fed) and positive economic data. While the Fed believes inflation will be difficult to return to its pre-2025 target and interest rates must be kept higher for longer, Nitesh Shah, WisdomTree's Head of Macroeconomics and Commodities Research, Arguing that Phat has been monitored and the risk of Recession is still increasing.

2 Agu 2023

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Survey data showed credit conditions continue to tighten, although concerns from the banking crisis in May have eased. This leaves economists and investors feeling anxious about the possible slowdown in the US economy in the future.

2 Agu 2023

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According to Shah, if recession fears materialize, gold futures prices will rise. In this scenario, gold can reach 2490/ounce. That number would be 22% above the nominal all-time high (reached in August 2020) and close to that number in real terms. However, it would be 28% below the all-time high reached in 1980.

2 Agu 2023

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Looking back on gold's performance in the second quarter, in a recent report, the World Gold Council said that persistent economic uncertainties have created strong demand for physical gold, pushing gold prices to record levels. . . in the second quarter.

2 Agu 2023

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According to the WGC, gold prices hit a record average price of $1,976 an ounce, up 6% from the second quarter of 2022 and up 4% from the previous record high reported in the third quarter of 2020.

2 Agu 2023

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In an interview with Kitco News, Juan Carlos Artigas, head of research at WGC, said that the banking crisis in May with the collapse of several regional banks in the US ended like demand. material for gold lining and coins in North America. He added that the fact of global uncertainty is supporting jewelry sales in key markets such as China.

2 Agu 2023

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Gold price went down, but the world's largest gold investment recovery SPDR sold 3.75 tons of gold, the remaining gold holdings were 909.18 tons. However, the world demand for gold in the first 6 months increased 5% to 2,460 tons

2 Agu 2023

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The European Union (EU) has replaced developing countries as the main gold buying markets in the world. In the first months of 2023, the total amount of gold mined also increased 2% from the record number recorded in 2018, to 1,781 tons.

2 Agu 2023

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Juan Carlos Artigas, head of research at the WGC World Gold Council, said the banking crisis in May, when several US and European banks collapsed, created an event. Significant risks boost physical gold demand. Global uncertainty is "supporting" strong jewelry sales in key markets such as China.

2 Agu 2023

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According to experts, a stronger USD makes oil prices more expensive. Gold "black" increases and the dollar strengthens, making gold transaction and accommodation costs also expensive. Therefore, investors took profits to reduce costs.

2 Agu 2023

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Tim Waterer, lead market analyst at KCM Trade, said that the US jobs data released later this week will be an important indicator of interest rate adjustments from the Fed and this will affect affect the price of gold.

2 Agu 2023

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The dollar index hit a three-week high, amid a weaker yuan after a private-sector survey showed China's manufacturing activity halted for the first time in three months. stagnant. The dollar and gold often move in opposite directions.