Gold falls on recovery of major economies
Today's gold price (August 16) experienced a significant decrease in comparison to the previous session. The global economy is currently displaying positive signs of recovery, which has led to a decrease in investor interest in gold.
Gold prices have been on a continuous decline for the past seven sessions, starting from last week until now. This decline can be attributed to the positive recovery exhibited by major economies such as the United States, Japan, and China. These countries witnessed an increase in their GDP during the second quarter of 2023, with growth rates of 2.4%, 6%, and 6.3% respectively.
The strong economic rebound has resulted in a rise in the value of the dollar while causing gold prices to drop consistently over recent sessions.
Gold prices have been on a continuous decline for the past seven sessions, starting from last week until now. This decline can be attributed to the positive recovery exhibited by major economies such as the United States, Japan, and China. These countries witnessed an increase in their GDP during the second quarter of 2023, with growth rates of 2.4%, 6%, and 6.3% respectively.
The strong economic rebound has resulted in a rise in the value of the dollar while causing gold prices to drop consistently over recent sessions.
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Given these ongoing developments within the gold market that show little signs of improvement, investors are opting to sell their holdings in order to recover their capital.
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The world's largest gold exchange-traded fund SPDR Gold Trust has just announced that its gold holdings fell 0.4% to the lowest level since January 2020 on Monday (August 14).
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Yesterday evening, the US announced the monetary policy meeting in July 2023. The Federal Reserve (FED) remains focused on controlling inflation. Some members of this group believe that interest rates need to increase further to achieve the 2% inflation target.
