The world gold price on Kitco dropped by $10.9 to $1,934.7 per ounce compared to the previous session. In just two trading sessions, the gold price fell by over $23 per ounce.
The gold market is facing challenges due to persistent inflation, a strong labor market, and robust economic activity, which support the Federal Reserve's aggressive monetary policies.
Daniel Pavillonis, senior market strategist at RJO Futures, attributed the decline in gold prices to the strengthening US dollar, keeping it below $2,000 per ounce.
The US dollar's strength was bolstered by the World Monetary Fund's (IMF) recent increase in its forecast for global economic growth in 2023. The IMF raised the global gross domestic product (GDP) forecast by 0.2%, to 3%, surpassing the previous estimate of a 2.8% increase.
The gold market is facing challenges due to persistent inflation, a strong labor market, and robust economic activity, which support the Federal Reserve's aggressive monetary policies.
Daniel Pavillonis, senior market strategist at RJO Futures, attributed the decline in gold prices to the strengthening US dollar, keeping it below $2,000 per ounce.
The US dollar's strength was bolstered by the World Monetary Fund's (IMF) recent increase in its forecast for global economic growth in 2023. The IMF raised the global gross domestic product (GDP) forecast by 0.2%, to 3%, surpassing the previous estimate of a 2.8% increase.
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“Once things settle down, gold could come back as a safe haven,” said Michele Schneider, director of trading research and education at MarketGauge.
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The recovery of the economies of Europe and China may also slow down the rise of the dollar, thereby pulling gold prices up.
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In his latest gold report, Bart Melek, head of commodity strategy at TD Securities, said he expects gold to push to $2,100 an ounce, a new all-time high by the end. This year, weak economic data will change the Fed's stance.
