Gold changes trend in early August
The world gold price increased by 8 USD/ounce, to 1,958 USD/ounce. Gold bulls this week focused on recent upbeat economic data from the US and the European Union that could suggest better commercial and consumer demand for the precious metal in the coming months.
However, recent upbeat economic data from China should keep precious metals traders from getting too excited. Gold needs strong news to be able to rise to record highs.
“Gold is at a standstill as investors continue to focus on tight monetary policies and the US money supply,” said John LaForge, head of real asset strategy at Wells Fargo Investment Institute. decline.
The fact that the US Federal Reserve (Fed) is nearing the end of its tightening cycle and gold may be nearing the top of a long-term bull market is only a matter of time before the US Central Bank starts pumping money. return to financial markets to keep the economy from falling into recession.
Originally posted here: https://ift.tt/Vlp7nUM
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