On Wednesday (August 16), spot gold narrowly oscillated during the Asian session, and is currently trading near $1904.84 per ounce. Overnight U.S. retail sales data was strong, fueling speculation that the Fed's interest rate hike cycle has not yet ended, so that gold prices continue to be under pressure. However, gold prices are still supported by the 1900 mark, the bulls still leave some opportunities.
On Tuesday, after the release of the super-expected "horror data", spot gold fell sharply to below the 1900 mark in the short term. Although the subsequent rebound and refresh the daily high, but the end of the day is still erased all the gains during the day, and finally closed down 0.31% at $1901.95 per ounce; spot silver trend is similar, and finally closed down 0.36% at $22.53 per ounce.
The US dollar index remained flat on Wednesday, after data showed that retail sales in the United States increased faster than expected in July.
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
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WCG Markets:2023-08-16
The Forex market plays a vital role in the global economy as it facilitates international trade and investment.
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
On Tuesday (August 15) , spot gold was narrowly oscillating during the Asian session, and is currently trading near $1905.10 per ounce. U.S. Treasury yields and the U.S. dollar stayed high before the release of retail sales data, forming a pressure on gold prices.
On Monday, dragged by the higher dollar, spot gold fell below the 1910 mark, set a new low since July 6, and finally closed down 0.32% at $1907.51 per ounce; spot silver hit a low of 22.37 during the session, and then rebounded, and finally closed down 0.44% at $22.59 per ounce.
The US dollar hit its highest point in more than a month on Monday, as investors sought refuge due to concerns about the Asian economy, while traders prepared for possible intervention by the Japanese government, after the yen hit its lowest point since November. Gold prices have hit their lowest point in more than a month, and investors are waiting for new catalysts to judge the downside. Last week's US inflation data was mixed.
The USD/JPY pair is currently trading below the significant level of 145.00, retreating from its year-to-date high during the Asian trading session. At present, the major pair hovers around 144.90, experiencing a marginal decline of 0.05% throughout the day.
On Monday's trading session, the value of USD/CHF experienced a slight increase. However, it was unable to maintain a mark above the 0.8800 figure, this could negatively impact the pair in the near future.
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On Monday morning, there is a reduced appetite for risk following weekend reports from China that bring more uncertainty to the world's second-largest economy and the global economic scene.
European stock markets traded in a mixed fashion Monday, as investors digested better-than-expected German inflation numbers as well as persistent concerns about Chinese economic growth.
WCG Markets:2023-08-15
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US Inflation Data and CPI Trends: July Sees Moderate Increase in Annual Inflation, Easing Burdens for Consumers Amid High Expenditures!
On Monday (August 14), spot gold hovered at a nearly month low during the Asian session and is currently trading at $1913.39 per ounce. Due to the strengthening of the US dollar and bond yields before the release of the July policy meeting minutes by the Federal Reserve this week, gold prices were under pressure.