Gold price at the beginning of the week increased slightly

Hello dear friends, another week has passed to meet you again and discuss the market today. Currently, the price of gold is still holding steady at $1915.8 per ounce.

Today, gold continues to face pressure from the US dollar and rising yields on US Treasury bonds, making it less attractive for investors.

As a result, the value of the USD is trending upwards. The DXY index - which measures the strength of the USD against 6 major currencies - closed last week at 104.19 points, an increase of 0.2% compared to the previous session.

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The latest weekly survey results for gold show that most retail investors expect the price of gold to increase by the end of September 1st and trade around $1,941 per ounce.

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"Gold is surprisingly strong even when the US dollar is strong this week and the culprit is the weakness of the euro (57.6% in DXY). The strength of the US dollar is truly remarkable due to its reaction to support tests, but gold continues to rise even in that context."

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What do you think about the price of gold today?

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The market still has to wait for the coming macroeconomic data. If the data shows a weaker economy, that is supportive for gold and vice versa.

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This week will see a bunch of key economic data released, including the ADP jobs report and nonfarm payrolls. These data are forecasted to help the market have a better insight into the US employment picture.

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After four consecutive weeks of losses, gold recorded a slight increase this week. However, this increase is still modest. Traders should note that the gold market is in a wait-and-see state and upcoming economic data could bring significant fluctuations.