Gold price today on July 12: The solution to help gold find the

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.

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.

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.

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In a recent interview with Kitco News, Kristina Hooper, global head of market strategy at Invesco, said that although gold faces a challenging environment as markets expect the Federal Reserve will raise rates by 25 basis points later this month, but the precious metal remains an important strategy.

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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.

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The world gold price on the night of July 11 was about 5.9% higher (US$108/ounce) than at the beginning of 2023. World gold converted to bank dollars was equivalent to 56.1 million VND/tael. tax and fee calculation, about 10.9 million dong/tael lower than the domestic gold price by the end of the afternoon session on 7/11.

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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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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.

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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.