Gold is in a slight uptrend
Gold prices continued to rise slightly today, with an increase of $2.9 per ounce, bringing the price to $1,901.
The ability to make up for short-term losses and some bargain hunting activities are believed to be the driving factors behind this precious metal's upward momentum, after reaching its lowest point in the past five months.
The market seems more subdued as traders and investors alike focus their attention on the upcoming annual economic symposium organized by the Federal Reserve (Fed) in Jackson Hole this weekend. Everyone is eagerly awaiting the Fed Chairman's speech for clues about interest rate prospects that could help gold prices rebound.
The ability to make up for short-term losses and some bargain hunting activities are believed to be the driving factors behind this precious metal's upward momentum, after reaching its lowest point in the past five months.
The market seems more subdued as traders and investors alike focus their attention on the upcoming annual economic symposium organized by the Federal Reserve (Fed) in Jackson Hole this weekend. Everyone is eagerly awaiting the Fed Chairman's speech for clues about interest rate prospects that could help gold prices rebound.
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Overnight, the US 10-year bond yield rose to 4.36%, the highest level since late 2007
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although yields could move higher in the near-term, an end to the cycle of central bank tightening will eventually hold back gold's rally.
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Despite gold's recent struggles, there is some optimism that the upcoming Jackson Hole Symposium will help push its price back up.
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On August 25, Fed Chairman Jerome Powell will give a speech giving his views on the Fed's monetary policy in the near future.
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Gold is still moving in the direction the Fed wants
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good luck everyone
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Wishing you a smooth transaction and many big wins
