The US Dollar has remained strong in the last few months, making the price of gold weaker. I have been holding my gold for 4 months now. Below is my gold holding plan and my gold price prediction.
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Gold reached the highest value in more than three months, but it remains below its previous all-time high, and the value of Bitcoin (BTC) and Ethereum (ETH) has now hit a two-week high as investors continue to seek safe haven assets during a period of violent volatility in global markets.
No one can predict with certainty where the price of gold will go. On the other hand, the price of bitcoin is fairly predictable. A look at the charts demonstrates a clear trend: bitcoin has been slowly but surely rising in price since its inception in 2009. This year, the price of bitcoin will reach a new all-time high: $5,500.. Read more about dollar to gold ratio chart and let us know what you think.
Gold prices fall due to strong inflation
G7 and FOMC in focus
Silver increases due to industrial demand
The end of the week was rich in commodity news, with US inflation data taking centre stage yesterday. The US consumer price index was higher than expected. Wall Street wiped it out for the most part, but it did cause a slight drop in the price of gold. They are now below the $1900 level, but are already starting to rise even as the dollar has strengthened again. Friday will be the focus for most traders with the G7 summit and FOMC meeting next week. In the meantime, silver has been able to recover thanks to strong industrial demand for this versatile precious metal.
Hot inflation data hit gold
The most important data this week was the US inflation data. On an annual basis, the CPI data showed a price increase of 5%. This was higher than the 4.7% analysts had expected, but the market has corrected well and gold has already begun a rally near $1900. The main factor behind this decline was not the inflation data itself, but its effect on US bond yields. They were slightly higher, which is negative for the safe haven of gold. The drop in initial jobless claims is another factor, although the stock price rebounded nicely before the weekend.
FOMC Next big market driver
As traders digest key inflation data, attention turns to next week’s FOMC meeting to gauge the next market turn. The US dollar remains relatively strong as it awaits important news from the session, which will also have a strong impact on gold and other precious metals, after the dollar index last quoted above 90. So far, the Fed has been quiet on inflation, although the possibility of a rate cut is still on the minds of many, and any news on that will certainly lead to more active movement in the gold markets than has been the case in recent weeks.
While the gold price fell slightly, silver rebounded to $28 after a small decline last week. This rise continues to be fueled by the return to work and large-scale shortages, not only of money, but also widespread supply chain disruptions around the world. Despite the rise in US government bond yields, precious metals have continued their strong run, with many now looking forward to $30. Silver is in a good position to benefit from the rally in trading, but it will also regain its safe-haven status if inflation fears prevail or if the shortening of maturities causes a disruption in the stock market.The price of gold has been hammered by the US dollar as it continues to fall from the lofty heights it reached in 2017.. Read more about dollar vs gold relationship and let us know what you think.
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