Gold price has not escaped from the decrease cycle
Hello everyone!
Today, the price of gold has dropped to its lowest point in 7 months. This decrease is a result of rising export benefits and inflation in the US, which is leading to expectations of tighter monetary policy.
Gold has been steadily declining since it failed to receive a price increase from $2068 USD and is now trading at $1823. While there have been some signs of recovery, they are not significant.
On the other hand, there has been a strong increase in the US dollar index (DXY) due to data showing an unexpected rise in job opportunities during August. In the previous session, this index experienced a breakthrough from over 105 points to over 106 points. This is significantly higher than the threshold of 100 points set back in mid-July.
Another factor contributing to gold's decline is its close relationship with oil prices, which have also cooled down recently.
Today, the price of gold has dropped to its lowest point in 7 months. This decrease is a result of rising export benefits and inflation in the US, which is leading to expectations of tighter monetary policy.
Gold has been steadily declining since it failed to receive a price increase from $2068 USD and is now trading at $1823. While there have been some signs of recovery, they are not significant.
On the other hand, there has been a strong increase in the US dollar index (DXY) due to data showing an unexpected rise in job opportunities during August. In the previous session, this index experienced a breakthrough from over 105 points to over 106 points. This is significantly higher than the threshold of 100 points set back in mid-July.
Another factor contributing to gold's decline is its close relationship with oil prices, which have also cooled down recently.
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The world gold market is quiet in the early morning session (Vietnam time) when waiting for the report on the September employment situation of the US Department of Labor will be announced on Friday morning.
