Gold price forecast today and in the future
The current trading price of gold in the market stands at 1898.2 USD per ounce. The Dollar Index has experienced a slight increase of over 0.02% compared to the previous session, with a value of 103.19 points. According to Michele Schneider, who is the director of research at MarketGauge, even just Mr. Powell's upcoming more dovish statements on monetary policy would provide sufficient support for gold prices.
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While we expect Mr. Powell to issue a neutral stance at the upcoming Jackson Hole, gold is unlikely to rally in the short-term, said James Stanley, market strategist at Stone X.
