Gold's Path After Losses
The article discussed a 3.2% decline in the global gold price over the past week, reaching a low of $4,445 per ounce. This followed an initial rise from $4,609 and a touch of $4,700 before the correction wave. The decrease is attributed to profit-taking, the rise of the US dollar, higher government bond yields, and changes in market expectations regarding US monetary policy. This shift was influenced by Federal Reserve Chair's statements indicating ongoing inflation risks and an undecided decision on interest rate cuts in September. Despite the decline, gold has retained much of its gains since early August, with the ounce increasing by 10.1% this month. Experts anticipate further pressure in the coming weeks, especially if prices stay below the key support level of $4,500.
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