The weakening USD is supporting the precious metal's price increase. The USDX index, which measures volatility in the greenback, with six major currencies slipped 102 points to near a two-month low. A weaker dollar also makes gold more attractive to buyers holding other currencies.
Recently, gold has been caught below the level of 1,950 USD/ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer. However, Kristina Hooper, chief global market strategist at Invesco, said that pricing action is one factor that investors should consider when building a core position on gold.
Ms. Hooper explained that, although gold faces a full-fledged environment, it is still an important strategic asset to own. She added that the precious metal could continue to be well-supported in the near-term as investors look for increasing hedging opportunities in the market.
Recently, gold has been caught below the level of 1,950 USD/ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer. However, Kristina Hooper, chief global market strategist at Invesco, said that pricing action is one factor that investors should consider when building a core position on gold.
Ms. Hooper explained that, although gold faces a full-fledged environment, it is still an important strategic asset to own. She added that the precious metal could continue to be well-supported in the near-term as investors look for increasing hedging opportunities in the market.
Comment:
World gold price inched slightly with spot gold up 7.1 USD to 1,932.2 USD/ounce. Gold futures in August last traded at $1,937.2 per ounce, up $6.2 from dawn the day before.
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The survey revealed that 58% of the respondents believe that the US action has made gold more attractive, signaling a shift in their investment preferences. Invesco noted that "a significant portion" of central banks now shares concerns about the precedent set by Russia's experience.
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Besides, precious metals fell in part due to higher crude oil prices and lower US Treasury yields, according to Kitco. Investors are being cautious ahead of the release of June inflation data.
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In recent times, gold has been stuck below $1,950 an ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer.
Comment:
Recently, gold has been stuck below $1,950 an ounce as the US Federal Reserve (Fed) is expected to maintain positive monetary policies throughout the summer. However, Kristina Hooper, chief global market strategist at Invesco, said that price action is one factor that investors should consider when building a core position in gold.
Comment:
Gold prices have dropped below $1,950 per ounce due to the US Federal Reserve's decision to continue with their favorable monetary policies during the summer. Kristina Hooper, the chief global market strategist at Invesco, advises investors to take into account the pricing action when establishing a solid gold investment.
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"If the outcome on inflation is not too high, this will have a positive effect and could take gold to $1,950 an ounce," said Edward Moya, a leading market analyst.
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According to Matt Simpson, senior market specialist at City Index, gold prices are being supported by the weakening of the dollar as the Fed seems to be hinting that the end of the tightening cycle is near. Tighten monetary policy. However, gold investors are hesitant about the US inflation report, due to be released on December 7.
Comment:
Gold for August futures was last traded at $1,937.2 per ounce, up $6.2 from dawn the previous day.
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According to Kitco, falling inflation is helping to breathe new life into the gold market, pushing prices to four-week highs and testing some initial resistance near $194 an ounce.
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In the medium and long term, gold is supported by the Fed's nearing end to its easing cycle.
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This was the third consecutive day of gains for spot gold, up 0.4% to $1,931.83 an ounce at 02:11 pm. EDT.
Comment:
Matt Simpson, senior market analyst at City Index, said the weakening dollar is supporting the precious metal as the Fed appears to be signaling that it is nearing the end of its tightening cycle. currency. However, gold investors were hesitant before the US inflation report on July 12.
