Gold Keeps Declining! Is There Any Hope To Rise Again? - Kakiforex.com - Financial Market Media No. 1 in the World Gold Keeps Declining! Is There Any Hope To Rise Again? Gold Keeps Declining! Is There Any Hope To Rise Again?
InstaForex

September 9, 2021

Gold Keeps Declining! Is There Any Hope To Rise Again?

 Gold -yellow metal trades hovered around two -week lows after falling lower in the previous session, weighed down by the strong US dollar.


In the Asian session, spot gold traded gloomily at $ 1,789 an ounce, up slightly from the low of $ 1,781 it touched in the New York session. Gold futures traded at $ 1,791 an ounce.


The greenback dollar continued to strengthen supported by risky sentiment which caused investors to be cautious, reducing the attractiveness of gold for holders of major currencies.



Moreover, sentiment for the USD also rose after some Federal Reserve (Fed) policymakers signaled that U.S. central banks are still on track to reduce their asset purchases this year, despite weak jobs data last month.


Dallas Fed President Robert Kaplan remains supportive of a gradual reduction in bond purchases beginning in October.


While New York Fed President John Williams is seen as a bit dovish for wanting to see more progress in the labor market. Still, he expects employment to strengthen in the next few months.