GOLD increased thanks to the weakening of the USD

30. Nov.

XAUUSD rose, boosted by the weakening of the USD and safe-haven demand due to concerns about persistent geopolitical tensions. Despite recovering in the final trading session of the week, gold still recorded its worst month of performance since September 2023.

The US Dollar Index fell to its lowest in more than two weeks, but was still up 2% in November as Republican Donald Trump's victory earlier this month boosted expectations of big fiscal spending. , higher tariffs and tighter borders.

This month, gold prices have fallen more than 3%, the worst monthly decline since September last year. After Mr. Trump's victory, the USD continuously increased in price and triggered a strong sell-off in the gold market.

XAUUSD forecast
Geopolitical instability is still increasing, gold prices may still increase in the near future. Gold is often considered a safe investment in times of economic and geopolitical instability such as trade tensions or conflict.

The new administration's policies in the US can impact economies, causing the central bank to increase gold reserves. This prompted a sharp increase in gold trading by central banks. This is the group that bought the most gold on the market recently.

BCA Research recommends buying gold when prices fall due to long-term prospects. Gold is a commodity that benefits from the policies of the new administration in the US. Increased global policy uncertainty will support gold buying demand.

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Gold price closed the week at 2,649 USD/ounce, an increase of 12 USD before closing last week and also the closing price of the last trading session of November. At the beginning of the week, world gold price decreased continuously for 2 sessions. The weekend unexpectedly rebounded thanks to the weakening of the USD and safe-haven demand due to concerns about persistent geopolitical tensions.

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Gold prices fell on Monday (December 2), breaking a streak of four straight sessions of gains, as the dollar strengthened and investors braced for key economic data and details from the Reserve The US Federal Reserve (Fed) on interest rate roadmap.

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The gold market is going through a tense period, as investors and analysts focus their attention on upcoming US economic data. These figures are expected to be the "key" to decoding the Fed's monetary policy direction in the coming months.

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According to the Fed, the upcoming JOLTS employment data can provide a more comprehensive picture of the basic trend of the economy in the near future.

The possibility of a rate cut is currently valued at 70%, but this number could change based on today's data and will impact the USD.