How does the price of gold change after a day of decline?
The current price of gold in the world has continued to decrease slightly, with spot gold falling by 3.2 USD to 1,903.6 USD per ounce. The December gold futures were last traded at $1,933.4 per ounce, showing a decrease of $10.6 compared to yesterday.
Despite the New York Federal Reserve reporting a significant decline in activity in the manufacturing sector of the region, gold prices are facing selling pressure and have reached a five-month low.
In intraday US data points, it was revealed that retail sales for July increased by 0.7% when compared to June. This unexpected increase has exceeded market expectations and is seen as an important indicator for US monetary policy ahead of next week's annual Fed symposium in Jackson Hole, Wyoming.
Looking at the long-term perspective, it is believed that escaping from the downward trend of the US dollar (USD) would be challenging due to changes in monetary policy by the Federal Reserve and a decline in purchasing power as major countries like China and Russia gradually withdraw from transactions involving USD.
Overall, these factors contribute to a continuous decline in world gold prices and indicate potential challenges for both short-term trading decisions and long-term investments related to precious metals such as gold.
Despite the New York Federal Reserve reporting a significant decline in activity in the manufacturing sector of the region, gold prices are facing selling pressure and have reached a five-month low.
In intraday US data points, it was revealed that retail sales for July increased by 0.7% when compared to June. This unexpected increase has exceeded market expectations and is seen as an important indicator for US monetary policy ahead of next week's annual Fed symposium in Jackson Hole, Wyoming.
Looking at the long-term perspective, it is believed that escaping from the downward trend of the US dollar (USD) would be challenging due to changes in monetary policy by the Federal Reserve and a decline in purchasing power as major countries like China and Russia gradually withdraw from transactions involving USD.
Overall, these factors contribute to a continuous decline in world gold prices and indicate potential challenges for both short-term trading decisions and long-term investments related to precious metals such as gold.
Comment:
Given these ongoing developments within the gold market that show little signs of improvement, investors are opting to sell their holdings in order to recover their capital.
