Gold rises slightly after a week of deep declines
World gold price today listed on Kitco at 1,913 USD/ounce, up 2 USD/ounce compared to early morning.
Over the past week, gold has been on a downward trend with the price down 1% in the context of inflationary pressure on the US economy. Currently, gold market participants are still divided on whether the final rate hikes of the US Federal Reserve (Fed) will have more hikes.
The gold market is in a neutral state and could remain until the end of the summer as US economic data continues to support the Fed's trend of tightening monetary policy. However, analysts say the near-term weakness could be seen as a buying opportunity as the market waits for a fresh spark to trigger a broader rally.
Over the past week, gold has been on a downward trend with the price down 1% in the context of inflationary pressure on the US economy. Currently, gold market participants are still divided on whether the final rate hikes of the US Federal Reserve (Fed) will have more hikes.
The gold market is in a neutral state and could remain until the end of the summer as US economic data continues to support the Fed's trend of tightening monetary policy. However, analysts say the near-term weakness could be seen as a buying opportunity as the market waits for a fresh spark to trigger a broader rally.
Comment:
Gold prices have fallen about 1.2% so far this week as the US dollar index and 10-year Treasury yields continued to rise for the fourth straight week. Investors joined at the lower price of about $1,900/ounce and they became buyers. However, as the price of gold rose, they also became sellers.
