Gold Hovers Below $1,900 as Central Bankers Gather in Jackson
On Monday, gold remained below the $1,900 per ounce mark, staying in close proximity to its lowest levels in five months. This trend emerged as investors prepared for the annual gathering of central bankers in Jackson Hole, Wyoming later in the week, seeking insights into the economic and interest rate landscape.
Furthermore, the metals faced downward pressure following the release of minutes from the Federal Reserve's July meeting last week. These minutes suggested the possibility of future interest rate hikes due to concerns about inflation risks.
Meanwhile, China's central bank made a 10 basis point reduction in its one-year loan prime rate, lowering it to a record low of 3.45% during its August adjustment. However, the five-year loan prime rate remained unchanged at 4.2%.
In the physical market, Reuters reported that gold premiums in China surged to their highest level since December 2016 last week. Additionally, lower domestic gold prices rekindled interest among buyers in India.
GBPUSD SELL LIMIT 1893-1895🕯
✅ TP1: 1889
✅ TP2: 1884
⚠️ SL: 1899
Furthermore, the metals faced downward pressure following the release of minutes from the Federal Reserve's July meeting last week. These minutes suggested the possibility of future interest rate hikes due to concerns about inflation risks.
Meanwhile, China's central bank made a 10 basis point reduction in its one-year loan prime rate, lowering it to a record low of 3.45% during its August adjustment. However, the five-year loan prime rate remained unchanged at 4.2%.
In the physical market, Reuters reported that gold premiums in China surged to their highest level since December 2016 last week. Additionally, lower domestic gold prices rekindled interest among buyers in India.
GBPUSD SELL LIMIT 1893-1895🕯✅ TP1: 1889
✅ TP2: 1884
⚠️ SL: 1899
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