Gold price today August 16: Continue to "go backwards"
Gold price today on August 16 in the international market almost remained unchanged due to the increase of the dollar.
The world spot gold price stood around the threshold of 1,903 USD/ounce
At the beginning of the session, the gold price in the world market sometimes fell below the threshold of 1,900 USD/ounce in the context of the strong increase of USD.
The dollar in the international market has soared in the past few days amid increasing exchange rate pressure in Asia in the context that the US Federal Reserve (Fed) continues to tighten monetary policy. and may raise interest rates one more time (12th time) at the next meeting in September.
The US economy is still quite strong and this is the basis for the central bank of this country to raise interest rates to pull inflation (at about 4-5% as at present) to the 2% target.
The world spot gold price stood around the threshold of 1,903 USD/ounce
At the beginning of the session, the gold price in the world market sometimes fell below the threshold of 1,900 USD/ounce in the context of the strong increase of USD.
The dollar in the international market has soared in the past few days amid increasing exchange rate pressure in Asia in the context that the US Federal Reserve (Fed) continues to tighten monetary policy. and may raise interest rates one more time (12th time) at the next meeting in September.
The US economy is still quite strong and this is the basis for the central bank of this country to raise interest rates to pull inflation (at about 4-5% as at present) to the 2% target.
Kommentar:
Given these ongoing developments within the gold market that show little signs of improvement, investors are opting to sell their holdings in order to recover their capital.
