Slight fluctuations after a series of increasing days
World gold prices turned down with spot gold dropping 9.5 USD to 2,375.5 USD/ounce. Gold futures last traded at $2,380.90 an ounce, down $14 from the bright spot.
According to Kitco Metals senior analyst Jim Wyckoff, gold turned around due to normal pressure after recent gains. On that side, the recovery of the US Dollar index also added strength to gold. The dollar rose 0.2% after hitting a multi-month low in the previous session as the latest data showed US consumer prices rose less than expected in April.
Meanwhile, New York Fed President John Williams said that the positive news surrounding the cooling off job is not enough for the US Central Bank to make an early decision to slow down.
Although gold turned down, most experts are still optimistic about gold in the future, predicting that this precious metal will soon conquer new records in the coming months.
MarketGauge's director of trading education and research Michele Schneider said that while it doesn't want to start a cycle of monetary policy easing just yet, it's clear the Fed also doesn't want to push interest rates higher and that conditions will eventually deliver. solid level of support for the precious type
According to Kitco Metals senior analyst Jim Wyckoff, gold turned around due to normal pressure after recent gains. On that side, the recovery of the US Dollar index also added strength to gold. The dollar rose 0.2% after hitting a multi-month low in the previous session as the latest data showed US consumer prices rose less than expected in April.
Meanwhile, New York Fed President John Williams said that the positive news surrounding the cooling off job is not enough for the US Central Bank to make an early decision to slow down.
Although gold turned down, most experts are still optimistic about gold in the future, predicting that this precious metal will soon conquer new records in the coming months.
MarketGauge's director of trading education and research Michele Schneider said that while it doesn't want to start a cycle of monetary policy easing just yet, it's clear the Fed also doesn't want to push interest rates higher and that conditions will eventually deliver. solid level of support for the precious type
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