On the world market, spot gold on Kitco 5/8 traded at 1,942 USD/ounce.
Gold price is maintaining at an important resistance level, in the context of the US labor market falling in July, inflationary pressure is still present.
ANZ analysts said that the Fed's actions related to the view of adjusting interest rates in the near future could limit gold's rally. Gold is a safe investment asset chosen by many during times of economic uncertainty and geopolitical tension. However, high interest rates negatively affect gold.
The key near-term support for gold is around $1,925 an ounce, said Kelvin Wong, senior market analyst at financial brokerage Oanda. If gold falls below this threshold, gold will be able to touch $ 1,895 / ounce.
Comment
⋅
The key near-term support for gold is around $1,925 an ounce, said Kelvin Wong, senior market analyst at financial brokerage Oanda. If it falls below this level, the price of gold can touch $ 1,895 / ounce.