The weekly gold price has fallen for the third consecutive week Jackson Hole Global Central Bank Annual Meeting Coming The market isi focusing on Powell's Speech

The weekly gold price has fallen for the third consecutive week

Jackson Hole Global Central Bank Annual Meeting Coming

The market isi focusing on Powell's Speech

The US dollar remained flat on Friday, but rose for the fifth consecutive week, setting a record for the longest consecutive rise in 15 months. Gold prices fell for the third consecutive week as concerns about the economy and bets that US interest rates would remain high boosted demand for safer assets. This week's focus will be on the 2023 Jackson Hole Global Central Bank Annual Meeting, with the theme of “Structural Changes in the World Economy”; Pay attention to Federal Reserve Chairman Powell's speech at the Jackson Hole Global Central Bank Annual Meeting, or provide more clear signals for the outlook of the Federal Reserve's interest rate policy.

The gold price did not change much last Friday, but the weekly trend is set to decline for the third consecutive week. The recent good US economic data has increased the market's bet that interest rates will remain at a higher level for a longer period of time. Phillip Streible, Chief Market Strategist at Blue Line Futures, said, The problem with gold is that it has to compete with instruments with yields of 4% -5%, such as bonds. In contrast, gold does not yield any interest. In the current environment, gold does not seem to be an ideal asset class