XAU dropped sharply in today's trading session
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The USD increased slightly thanks to bottom-catching demand after this currency continuously decreased recently. Previously, the USD fell because there were more signals that the US would soon cut interest rates.
Gold prices in the international market decreased mainly because the USD inched up slightly and the commodity closely related to gold, oil, plummeted.
It can be seen that in the medium and long term, the USD is under pressure to decrease in price following the loosening of US monetary policy. Gold price will thereby be supported.
However, it is likely that it will take until September or November for the US to cut interest rates. Many other central banks such as Europe's ECB or Britain's BOE may cut interest rates sooner. This also means that, in the short term, the USD may still increase.
When the USD moves up, it will be difficult for precious metal products to increase in price, or even decrease due to a prolonged increase from the end of 2023 until now.
Gold prices in the international market decreased mainly because the USD inched up slightly and the commodity closely related to gold, oil, plummeted.
It can be seen that in the medium and long term, the USD is under pressure to decrease in price following the loosening of US monetary policy. Gold price will thereby be supported.
However, it is likely that it will take until September or November for the US to cut interest rates. Many other central banks such as Europe's ECB or Britain's BOE may cut interest rates sooner. This also means that, in the short term, the USD may still increase.
When the USD moves up, it will be difficult for precious metal products to increase in price, or even decrease due to a prolonged increase from the end of 2023 until now.
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