Gold price and prospect of price increase!

In today's afternoon session, the price of gold continued its upward trend, reaching $2,030 per ounce, an increase of over $11 per ounce compared to the same time yesterday.

This significant rise in the precious metal's price is attributed to China's decision to cut its basic interest rates for mortgages, aiming to rejuvenate the struggling housing and real estate sectors.

Moreover, today's trading session saw the US dollar weaken amid growing speculation that the Federal Reserve (Fed) might maintain higher interest rates for an extended period. Consequently, gold's potential for price increase could stem from a depreciating USD, especially if Fed officials show a softer stance on interest rate cuts.

Currently, the market awaits the minutes from the Federal Open Market Committee's (FOMC) last meeting, which are expected to be released on Wednesday afternoon.