In today's trading session, gold experienced a slight decline after surging past the $2200 USD/ounce ceiling. This upward momentum was further fueled by comments from Federal Reserve Chairman Jerome Powell, who stated that the central bank plans to implement three interest rate cuts in 2024.
However, at present, gold has adjusted downwards by 0.3% to $2175 USD/ounce after reaching an all-time high of $2222.39 USD in the previous session.
Contributing to the correction in gold prices, the US Dollar has recovered by 0.8% after hitting its lowest level in a week, making gold more expensive for international buyers.
With these developments, gold may need to undergo further adjustments if it wishes to continue its upward trajectory.
However, at present, gold has adjusted downwards by 0.3% to $2175 USD/ounce after reaching an all-time high of $2222.39 USD in the previous session.
Contributing to the correction in gold prices, the US Dollar has recovered by 0.8% after hitting its lowest level in a week, making gold more expensive for international buyers.
With these developments, gold may need to undergo further adjustments if it wishes to continue its upward trajectory.
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