Gold price continues to increase, current buying strategy
World gold prices this morning reversed to increase slightly with spot gold increasing by 4.3 USD to 1,924 USD/ounce. Gold futures last traded at 1,937.2 USD/ounce, up 2.9 USD compared to yesterday morning.
Despite stronger-than-expected US retail sales data and rising US Treasury bond yields, world gold prices in the evening session of October 17 (Vietnam time) still maintained a modest increase. obtained before.
The newly released report shows that US retail sales in September increased by 0.7% during the month, a sharp increase compared to market expectations of 0.3%. The report boosted US Treasury yields and favored those with a hawkish view of US monetary policy, wanting to see interest rates rise more in the coming months.
Although gold is down, Everett Millman, market analyst at Gainesville Coins, said that the gold market will continue to attract safe haven flows due to the Israel-Hamas conflict. He forecasts that gold will fluctuate above the $1,900/ounce range until there is some kind of ceasefire or the conflict subsides.
Currently, investors are looking forward to the speech of US Federal Reserve Chairman (Fed) Powell on Thursday to get more clues about the US Central Bank's monetary policy roadmap after the comments. Recent dovish comments from some Fed officials.
If there are signs that the Fed is nearing the end of this rate hike cycle, that would be good for gold, Millman added, even if we don't get any rate cuts anytime soon.
Despite stronger-than-expected US retail sales data and rising US Treasury bond yields, world gold prices in the evening session of October 17 (Vietnam time) still maintained a modest increase. obtained before.
The newly released report shows that US retail sales in September increased by 0.7% during the month, a sharp increase compared to market expectations of 0.3%. The report boosted US Treasury yields and favored those with a hawkish view of US monetary policy, wanting to see interest rates rise more in the coming months.
Although gold is down, Everett Millman, market analyst at Gainesville Coins, said that the gold market will continue to attract safe haven flows due to the Israel-Hamas conflict. He forecasts that gold will fluctuate above the $1,900/ounce range until there is some kind of ceasefire or the conflict subsides.
Currently, investors are looking forward to the speech of US Federal Reserve Chairman (Fed) Powell on Thursday to get more clues about the US Central Bank's monetary policy roadmap after the comments. Recent dovish comments from some Fed officials.
If there are signs that the Fed is nearing the end of this rate hike cycle, that would be good for gold, Millman added, even if we don't get any rate cuts anytime soon.
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