Technically, spot gold needs to break above resistance at the 200-day moving average - around $1,910 an ounce - for a more pronounced recovery.
Discussions will likely focus on whether the central bank should maintain in the long term the level of equilibrium interest rates higher than they were a decade ago. If the long-term equilibrium interest rate scenario is supported by a high inflation environment, then gold price may be sought as a hedging tool and attracting investors as the price has dropped to an attractive level.
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🔹Emerging markets group BRICS invites 6 new members, including Saudi Arabia and Iran.
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🟢The Dow Jones Industrial Average shed 36 points, or 0.1%, after being up more than 200 points at session highs. The S&P 500 slipped 0.2%, while the Nasdaq Composite dipped nearly 0.3%.