Gold is likely to increase again, today's trading trend
World gold prices tend to increase with spot gold increasing by 1.5 USD compared to last week's closing level to 2,302.7 USD/ounce.
Experts assess that the gold market has just had an interesting week when it received a lot of information that affects the direction of this precious metal. Gold started a series of declines and reached the lowest mark below 2,283 USD/ounce at noon on May 1 (US time) from 2,335 USD/ounce at the beginning of the week. However, this precious metal regained momentum when the US Federal Reserve (Fed) announced to keep interest rates unchanged and increased again above 2,325 USD/ounce. However, this precious metal was unable to maintain its recovery momentum and returned to test the level of 2,290 USD/ounce.
Although gold recorded its second consecutive week of decline after a 5-week recovery streak, experts still maintain optimism for this precious metal. Many opinions say that the US Central Bank has taken a not dovish stance on future monetary policy, but is certainly not "hawkish". At the press conference after the policy meeting in the middle of this week, Fed Chairman Powell made it clear that the Fed has no intention of raising interest rates.
“I think it is unlikely that interest rates will increase. I would say that is unlikely to happen,” Mr. Powell said.
Experts also say that the factors that pushed gold prices to record highs despite the Fed's stance still remain, including demand from central banks.
Experts assess that the gold market has just had an interesting week when it received a lot of information that affects the direction of this precious metal. Gold started a series of declines and reached the lowest mark below 2,283 USD/ounce at noon on May 1 (US time) from 2,335 USD/ounce at the beginning of the week. However, this precious metal regained momentum when the US Federal Reserve (Fed) announced to keep interest rates unchanged and increased again above 2,325 USD/ounce. However, this precious metal was unable to maintain its recovery momentum and returned to test the level of 2,290 USD/ounce.
Although gold recorded its second consecutive week of decline after a 5-week recovery streak, experts still maintain optimism for this precious metal. Many opinions say that the US Central Bank has taken a not dovish stance on future monetary policy, but is certainly not "hawkish". At the press conference after the policy meeting in the middle of this week, Fed Chairman Powell made it clear that the Fed has no intention of raising interest rates.
“I think it is unlikely that interest rates will increase. I would say that is unlikely to happen,” Mr. Powell said.
Experts also say that the factors that pushed gold prices to record highs despite the Fed's stance still remain, including demand from central banks.
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