The world gold price fell 2 USD/ounce to 1,904 USD/ounce. The precious metal has hit a five-month low. Traders were rather timid as the US dollar index edged higher and as the short-term technical views on precious metals were bearish.
In the last week, the world yellow metal saw a second week of heavy losses in a row as the market received a series of data that showed that inflation remained an issue, while the health of the economy and markets. Labor is still good. The upbeat economic figures also raise expectations that the world's leading economy will achieve a soft landing scenario when it emerges from an economic recession.
Gold will still find it difficult to find bullish momentum in the short term. However, the precious metal's downside will be capped by demand from the world's major central banks. A recent report by the World Gold Council shows that central banks have not finished the race to add gold to their reserves.
In the last week, the world yellow metal saw a second week of heavy losses in a row as the market received a series of data that showed that inflation remained an issue, while the health of the economy and markets. Labor is still good. The upbeat economic figures also raise expectations that the world's leading economy will achieve a soft landing scenario when it emerges from an economic recession.
Gold will still find it difficult to find bullish momentum in the short term. However, the precious metal's downside will be capped by demand from the world's major central banks. A recent report by the World Gold Council shows that central banks have not finished the race to add gold to their reserves.
