World gold price continues its downward trend

World gold price was stable with spot gold down 1 USD to 1,912.2 USD/ounce. December gold futures last traded at $1,948.9 an ounce, down $1.70 from the previous morning.

The dollar rallied again in the last session, after the release of US inflation data showed a moderate increase last month, but still well above the Fed's 2% inflation target. United States of America (Fed).

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Spot gold was down 0.4% to $1,906.69 per ounce by 1224 GMT, hitting its lowest level since July 6. U.S. gold futures fell 0.4% to $1,938.60.

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Precious metals see 5-week bottom as pressured by USD recovery. At the same time this morning, the US Dollar Index measuring the volatility of the greenback rose above 103 points, taking away the attractiveness of gold to buyers holding other currencies. Gold bulls are also timid as gold's technical factors are falling.

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Gold continues to make downside progress after breaking below the rising support line from February. This has continued to mark a meaningful shift away from what was the dominant uptrend between the end of last year and up until early April. With that in mind, the technical landscape is appearing increasingly bearish.

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