Gold prices fell as the US dollar rose as investors look to key economic data this week for more clues about how long interest rates can continue to rise to suppress inflation.
As the data of the World Gold Council issued today, Tuesday, revealed a decrease in demand for gold by 2% on an annual basis during the second quarter of this year, to record about 920.7 tons, due to the slowdown in the pace of central banks’ purchase of the yellow metal, as central banks bought only about 103 tons during the second quarter. This year, compared to the purchase of 284 tons in the first quarter of this year
The price of gold rose when the financial markets opened, as the gold price opened to an upward price gap of about $5, following Fitch’s decision to lower the credit rating of the United States, which destabilized confidence in the American economy before the issuance of important data expected this week.
Gold is moving within the model, and currently the price is at the 1948 region. If the price is stable below 1940, we will witness a further decline towards the 1919/1926/1934 regions, but if the price is stable above the 1960 region, we will witness a rise towards the 1971/1986 regions, and if the 1986 region is broken, we will rise to the 1991/1991 regions. 2003
