The world gold market was under pressure, causing the US Treasury bond yields and the USD index to increase. Yields on 10-year US Treasuries hit their highest level in 15 years. The USD index recorded a 9-week high, closing at 103 points.
Bond interest rates increase the possibility that the US Federal Reserve (Fed) maintains the current high interest rates, not to mention the Fed may continue to raise interest rates in September. That creates a full-fledged environment for gold, which means that gold prices are unlikely to rise in the near term.
According to Kitco News’ latest weekly gold survey, Wall Street analysts see a significant drop in gold prices in the near term. Investors expect the Fed to keep interest rates in the 5.25%-5.5% range until 2024.
In that scene, the gold price may decrease, fluctuating around $1,890.4 per ounce.
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- Source: https://www.tradingview.com/chart/XAUUSD/X1b2IIfo-XAUUSD-World-gold-has-the-next-chance-to-decrease-price-this-wee/
