Greetings, dear friends! The current price of gold is trading at $1,898 per ounce and there is a possibility that it may reach $1,900.
The gold market has seen limited momentum as investors focus on the US dollar, which helps to sustain its price increase compared to other currencies.
On the other hand, bond investments have become attractive with a 2-year bond yield reaching 5% per year and a 10-year bond yield reaching 4.33% per year in the US - the highest level since 2007.
As a result, many people have invested in bonds, causing minimal inflow of funds into gold and limiting its potential for significant growth.
The gold market has seen limited momentum as investors focus on the US dollar, which helps to sustain its price increase compared to other currencies.
On the other hand, bond investments have become attractive with a 2-year bond yield reaching 5% per year and a 10-year bond yield reaching 4.33% per year in the US - the highest level since 2007.
As a result, many people have invested in bonds, causing minimal inflow of funds into gold and limiting its potential for significant growth.
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Do you think gold is ok today?
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Investors' focus this week will be Fed Chairman Jerome Powell's speech on Friday, when central bank governors around the world gather in Jackson Hole to attend. Annual conference.
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Michele Schneider, director of research at MarketGauge, said that just Mr. Powell's more dovish messages on monetary policy coming up would be enough to support gold prices.
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Despite recent selling pressure, analysts note that the gold market is resilient despite bond yields rising to new 15-year highs.
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although yields could move higher in the near-term, an end to the cycle of central bank tightening will eventually hold back gold's rally.
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On August 25, Fed Chairman Jerome Powell will give a speech giving his views on the Fed's monetary policy in the near future.
