Gold prices experienced a decline in the morning session on Monday (July 24) due to the USD remaining strong at its highest level in over a week.
Investors are closely monitoring the upcoming policy meetings of major central banks, particularly the US Federal Reserve (Fed).
As the dollar continued to strengthen, gold became less appealing to buyers using other currencies. The USD Index, which measures the strength of the US dollar against a basket of foreign currencies, increased by 0.04% to reach 101 points.
Investors are closely monitoring the upcoming policy meetings of major central banks, particularly the US Federal Reserve (Fed).
As the dollar continued to strengthen, gold became less appealing to buyers using other currencies. The USD Index, which measures the strength of the US dollar against a basket of foreign currencies, increased by 0.04% to reach 101 points.
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The world gold price is forecasted by investors to soon return to the price of $2,000/ounce despite the US Federal Reserve (Fed) raising interest rates by 25 percentage points on July 26.
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However, analysts are more cautious, warning investors not to pour too much money into gold before the Fed decides to raise interest rates further.
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James Stanley, market strategist at StoneX, predicts that gold prices will rise sharply, but then gold prices may suddenly drop after the Fed makes a decision to raise interest rates
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James Stanley said that the price of gold could fall by 50 USD if the Fed shows a tough attitude immediately after raising interest rates.
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The world gold price faces many risks when facing a series of monetary policies of many central banks around the world.
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In addition, the meeting of the US Federal Reserve (Fed) on July 26 will almost certainly announce an increase in interest rates by 25 percentage points. Thereby, the strength of the USD continues to increase, making gold less attractive.
