Gold promises to drop to 1800 USD ?
Let's explore today's market with Selena!
Gold prices today continue to decline to $1,818 per ounce, equivalent to a 0.55% decrease in the day. This is the lowest price of the global gold market in the past 10 months.
Gold weakened as demand for holding greenbacks increased, giving momentum to the USD Index, which at times rose from 106.17 points to 106.9 points, helping the USD appreciate against 6 other major currencies - including Euro, JPY, GBP, CAD, SEK, and CHF.
Meanwhile, the yield on 10-year US bonds surged to 4.7% per year, prompting many people to accumulate USD to buy bonds, further driving up the value of this currency.
Under the pressure of the USD and US bonds, the precious metal market is facing disadvantages, so investors have limited holdings. The decline in gold prices today is inevitable in the global market.
Gold prices today continue to decline to $1,818 per ounce, equivalent to a 0.55% decrease in the day. This is the lowest price of the global gold market in the past 10 months.
Gold weakened as demand for holding greenbacks increased, giving momentum to the USD Index, which at times rose from 106.17 points to 106.9 points, helping the USD appreciate against 6 other major currencies - including Euro, JPY, GBP, CAD, SEK, and CHF.
Meanwhile, the yield on 10-year US bonds surged to 4.7% per year, prompting many people to accumulate USD to buy bonds, further driving up the value of this currency.
Under the pressure of the USD and US bonds, the precious metal market is facing disadvantages, so investors have limited holdings. The decline in gold prices today is inevitable in the global market.
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The dollar's rise may not end soon, putting pressure on the gold market.
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