After the news, PMI continued to decrease and increase slightly
World gold prices continued to decline sharply with spot gold down 48.6 USD to 2,329.4 USD/ounce. Gold futures last traded at 2,330.1 USD/ounce, down 52 USD compared to yesterday morning.
The world gold market continues to be under pressure to take profits and gold prices fall to the lowest level in a week, extending the decline for the third consecutive session, as investors become increasingly concerned about the timing of interest rate cuts. of America and the strength of American business.
According to the latest report, US business activity in May accelerated to the highest level in more than 2 years, showing that economic growth recovered in the second quarter. After the report, the USD recovered strongly, offsetting intraday losses. This has reduced the attractiveness of precious metals to buyers holding other currencies.
TD Securities commodity strategist Daniel Ghali said that although the greenback's recovery and the weakening interest rate outlook have triggered a sell-off in the gold market, the correction will be relatively shallow. According to him, gold is adjusting to the view that the US Federal Reserve (Fed) will maintain high interest rates for a longer period of time, while at this meeting, the Fed mentioned the possibility of raising interest rates if inflation occurs. "persistent" development.
The world gold market continues to be under pressure to take profits and gold prices fall to the lowest level in a week, extending the decline for the third consecutive session, as investors become increasingly concerned about the timing of interest rate cuts. of America and the strength of American business.
According to the latest report, US business activity in May accelerated to the highest level in more than 2 years, showing that economic growth recovered in the second quarter. After the report, the USD recovered strongly, offsetting intraday losses. This has reduced the attractiveness of precious metals to buyers holding other currencies.
TD Securities commodity strategist Daniel Ghali said that although the greenback's recovery and the weakening interest rate outlook have triggered a sell-off in the gold market, the correction will be relatively shallow. According to him, gold is adjusting to the view that the US Federal Reserve (Fed) will maintain high interest rates for a longer period of time, while at this meeting, the Fed mentioned the possibility of raising interest rates if inflation occurs. "persistent" development.
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