SHINOBI XAUUSD: The rise of precious metals is still limited
Global gold prices edged higher this morning, with the spot gold price rising $2.7 to $1,894.3 an ounce. December gold futures are trading at $1,923.7 an ounce, up $0.7 from yesterday morning.
Global gold was still trading at its lowest level in five months in the first session of the week. While the technical charts are still trending downward, bullion price gains continue to be tempered by rising US Treasury yields.
Precious metals markets may be quiet this week ahead of the Federal Reserve's annual Jackson Hole economic symposium in Kansas City this weekend, traders said. Markets are waiting for Fed Chair Powell's speech to get a clue on the interest rate outlook. At its meeting last month, the Fed raised interest rates to a 22-year high of 5.25% to 5.5%.
The Fed recently released the minutes of its July policy meeting, and most Fed officials saw significant upside risks to inflation at the time, suggesting that monetary tightening may be necessary. showed that But some officials have also spoken out in favor of keeping rates unchanged, the first sign of disagreement over the Fed's policy.
According to Acheron Insights analyst Chris Yates, in the current situation, another rally in the dollar could cause gold prices to continue this consolidation and/or correction phase for a while longer. However, when the dollar reverses, the precious metal bull market will continue. He added that the bulls should be a little more patient in the current environment.
Global gold was still trading at its lowest level in five months in the first session of the week. While the technical charts are still trending downward, bullion price gains continue to be tempered by rising US Treasury yields.
Precious metals markets may be quiet this week ahead of the Federal Reserve's annual Jackson Hole economic symposium in Kansas City this weekend, traders said. Markets are waiting for Fed Chair Powell's speech to get a clue on the interest rate outlook. At its meeting last month, the Fed raised interest rates to a 22-year high of 5.25% to 5.5%.
The Fed recently released the minutes of its July policy meeting, and most Fed officials saw significant upside risks to inflation at the time, suggesting that monetary tightening may be necessary. showed that But some officials have also spoken out in favor of keeping rates unchanged, the first sign of disagreement over the Fed's policy.
According to Acheron Insights analyst Chris Yates, in the current situation, another rally in the dollar could cause gold prices to continue this consolidation and/or correction phase for a while longer. However, when the dollar reverses, the precious metal bull market will continue. He added that the bulls should be a little more patient in the current environment.
