Gold price continues to increase slightly today
What do you think about the price of gold today? Currently, gold is slightly rising to 1913 while awaiting information from the Federal Reserve's meeting at Jackson Hole today.
After 11 consecutive interest rate hikes since March 2022, the Fed will temporarily pause rate hikes in the September meeting. Currently, this market rate stands at over 86%.
US inflation has decreased by two-thirds from 9.1% to 3.2% in July. The job market remains strong with low unemployment and increased consumer spending by Americans. Sustained high interest rates will support the USD, putting additional selling pressure on the price of gold.
After 11 consecutive interest rate hikes since March 2022, the Fed will temporarily pause rate hikes in the September meeting. Currently, this market rate stands at over 86%.
US inflation has decreased by two-thirds from 9.1% to 3.2% in July. The job market remains strong with low unemployment and increased consumer spending by Americans. Sustained high interest rates will support the USD, putting additional selling pressure on the price of gold.
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Good luck with your trading
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Technical analyst Wang Tao said spot gold is likely to continue to rise and fluctuate in the range of $1,915 to $1,934 an ounce.
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Philadelphia Fed President Patrick Harker said the Fed needs to keep rates tight for a while.
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At the end of the trading week, the gold market continues to stay below the 1,950 USD/ounce mark
