Continuing the downward trend, can gold create a new bottom?
Updated
World gold prices this morning reversed to increase slightly with spot gold increasing by 8.4 USD to 1,958.2 USD/ounce. Gold futures last traded at 1,963.5 USD/ounce, up 5.7 USD compared to yesterday morning.
The slight weakening of the USD in the evening trading session of November 9 (Vietnam time) slightly increased the appeal of gold to buyers holding other currencies. Currently, the market is waiting for the speech of the Chairman of the US Federal Reserve (Fed) for more clues regarding the Fed's future monetary policy roadmap. Along with interest rates, gold's safe-haven demand from geopolitical tensions is also gradually drying up, making it difficult for gold to have a sustainable increase over the past week.
Looking at the long term, in a recent study by Capital Economics, experts said that, although geopolitical instability due to the conflict in the Middle East has created some positive fluctuations for the gold market, but prices will eventually move higher as the Fed begins cutting interest rates in 2024. Gold could end the year at $2,100 an ounce.
The slight weakening of the USD in the evening trading session of November 9 (Vietnam time) slightly increased the appeal of gold to buyers holding other currencies. Currently, the market is waiting for the speech of the Chairman of the US Federal Reserve (Fed) for more clues regarding the Fed's future monetary policy roadmap. Along with interest rates, gold's safe-haven demand from geopolitical tensions is also gradually drying up, making it difficult for gold to have a sustainable increase over the past week.
Looking at the long term, in a recent study by Capital Economics, experts said that, although geopolitical instability due to the conflict in the Middle East has created some positive fluctuations for the gold market, but prices will eventually move higher as the Fed begins cutting interest rates in 2024. Gold could end the year at $2,100 an ounce.
Note
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