Gold prices shrugged off the recent decline on Friday, holding near a one-month low, despite better-than-expected US inflation reports. It seems that the precious metal is facing greater challenges with the continued strength of the dollar and the rise in US bond yields, which pushes it towards achieving the worst weekly performance in seven weeks.
Despite the rise in gold prices in spot trading by 0.2% to reach $1916.53 an ounce, GMT 0727, it is still close to the lowest level recorded on the seventh of July. In the same context, US gold futures settled at $1948.80.
Despite these challenges, we must mention that gold still has its own value as an investment tool and store of wealth over the long term. In unstable economic conditions and troubled times, gold is considered a safe haven for investors. Thus, this decline in performance may be a good opportunity for investors to buy gold at lower prices.
In the end, although gold is facing challenges at the moment, it still maintains its position as a safe and valuable investment asset. The current decline in performance may be an opportunity for investors looking to diversify their portfolio and make a long-term investment.
