Spot gold price increased by 0.28% to $1,948.9 per ounce in the morning session on August 2, as reported by Kitco. The gold price for December delivery also rose by 0.38% to $1,986.25.
Gold prices dropped by 1% on Tuesday due to the rise in the dollar and US government bond yields. Investors are eagerly waiting for US economic data to gauge the progress of the US Federal Reserve's tightening monetary policy.
According to Moya, if inflation falls, the Fed might not increase rates at its next meeting. However, he believes that gold will eventually surpass $2,000 per ounce, despite trading within a narrow range in the short term.
Gold prices dropped by 1% on Tuesday due to the rise in the dollar and US government bond yields. Investors are eagerly waiting for US economic data to gauge the progress of the US Federal Reserve's tightening monetary policy.
According to Moya, if inflation falls, the Fed might not increase rates at its next meeting. However, he believes that gold will eventually surpass $2,000 per ounce, despite trading within a narrow range in the short term.
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Over the past time, precious metals have been strongly influenced by the positive monetary policy stance of the US Federal Reserve (Fed) and positive economic data. While the Fed believes inflation will be difficult to return to its pre-2025 target and interest rates must be kept higher for longer, Nitesh Shah, WisdomTree's Head of Macroeconomics and Commodities Research, Arguing that Phat has been monitored and the risk of Recession is still increasing.
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Survey data showed credit conditions continue to tighten, although concerns from the banking crisis in May have eased. This leaves economists and investors feeling anxious about the possible slowdown in the US economy in the future.
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According to Shah, if recession fears materialize, gold futures prices will rise. In this scenario, gold can reach $2490/ounce. That number would be 22% above the nominal all-time high (reached in August 2020) and close to that number in real terms. However, it would be 28% below the all-time high reached in 1980.
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Looking back on gold's performance in the second quarter, in a recent report, the World Gold Council said that persistent economic uncertainties have created strong demand for physical gold, pushing gold prices to record levels. . . in the second quarter.
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According to the WGC, gold prices hit a record average price of $1,976 an ounce, up 6% from the second quarter of 2022 and up 4% from the previous record high reported in the third quarter of 2020.
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In an interview with Kitco News, Juan Carlos Artigas, head of research at WGC, said that the banking crisis in May with the collapse of several regional banks in the US ended like demand. material for gold lining and coins in North America. He added that the fact of global uncertainty is supporting jewelry sales in key markets such as China.
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Gold price went down, but the world's largest gold investment recovery SPDR sold 3.75 tons of gold, the remaining gold holdings were 909.18 tons. However, the world demand for gold in the first 6 months increased 5% to 2,460 tons
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The European Union (EU) has replaced developing countries as the main gold buying markets in the world. In the first months of 2023, the total amount of gold mined also increased 2% from the record number recorded in 2018, to 1,781 tons.
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There are early signs that sentiment is starting to change, Mr. Artigas said. He added that the gold market remains in a wait-and-see mode as the Fed is keeping options open regarding its monetary policy.
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Juan Carlos Artigas, head of research at the WGC World Gold Council, said the banking crisis in May, when several US and European banks collapsed, created an event. Significant risks boost physical gold demand. Global uncertainty is "supporting" strong jewelry sales in key markets such as China.
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According to experts, a stronger USD makes oil prices more expensive. Gold "black" increases and the dollar strengthens, making gold transaction and accommodation costs also expensive. Therefore, investors took profits to reduce costs.
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Tim Waterer, lead market analyst at KCM Trade, said that the US jobs data released later this week will be an important indicator of interest rate adjustments from the Fed and this will affect affect the price of gold.
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The dollar index hit a three-week high, amid a weaker yuan after a private-sector survey showed China's manufacturing activity halted for the first time in three months. stagnant. The dollar and gold often move in opposite directions.
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Any signs of recovery in the labor market will give the US Federal Reserve (Fed) more incentive to continue raising interest rates, which bodes well for gold. Analysts expect payrolls to decline slightly in July, staying close to a relatively high level.
