Gold prices today and analysts’ expectations for the coming period!

gold

After gold fell to its lowest level since September 2021, and with the jump in US dollar profits in the currency market, the trend of dollar index DXY to 108 point high levels, affected gold price today negatively and under strong pressures that bring him down.

where it trades U.S. dollar Currently, it is near its highest levels in twenty years, benefiting from economic expectations of an increase in the pace of interest rate hikes by the US Federal Reserve, and from the strength of US employment data last week, which affects the gold in reverse.

where each of the . is related gold and dollar The US dollar has an inverse relationship, the stronger the dollar is, the lower the price of gold, due to the less attractiveness of holding it in these circumstances, and vice versa.

Despite the mixed risk appetite in commodity markets today, precious metal He did not benefit from the waning of risk appetite and geopolitical concerns, due to the strong pressure of the dollar, in preparation for the release of the inflation report in the United States next Wednesday, and the data of US retail sales next Friday as well.

gold price now

Therefore, despite the low US Treasury yields For ten and thirty years, in addition to the predictions of economic experts of a near recession in the United States of America, gold prices today tended to decline significantly.

In terms of trading, it stabilizes Spot gold prices During today’s trading, it is now at a drop of 0.44% to reach $1,734.76 an ounce, and it also declined gold futures contracts August delivery by 0.55% to reach the level of $1,732.55 per ounce.

As for precious metals other than gold:

  • land Silver In spot transactions, 0.53% to $19.137 an ounce.
  • Contracts are also reduced platinum 2.10% to $864.30.
  • The price of a metal also fell Palladium By about 1.36%, to $2,127.27.

Analysts’ expectations for gold prices

With the yellow metal starting this week lower, experts and analysts in Forex Street expect its decline to continue during the coming period, as the latest economic data indicates an increase in the chances of a price hike. US Federal Reserve For interest rates by 150 basis points in the current July and next September meeting, which puts more pressure on gold and pushes it towards the level of 1700 US dollars per ounce.

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