XAUUSD : Continue adjusting
Gold prices cooled down today as investors worry that interest rates in the U.S. will not be reduced soon. The precious metal continued to move in the red, trading around $2333.
Another reason for the decline in gold prices is the announcement from S&P Global that the U.S. Producer Price Index (PMI) for May reached its highest level in two years. This data pushed the USD higher, making gold less attractive.
Moreover, in India, the second-largest gold-consuming market in the world, a government agency forecasts that the country’s import of the precious metal could drop by nearly 20% this year. High prices have decreased the demand for new jewelry purchases, making a decline in gold prices unavoidable!
Another reason for the decline in gold prices is the announcement from S&P Global that the U.S. Producer Price Index (PMI) for May reached its highest level in two years. This data pushed the USD higher, making gold less attractive.
Moreover, in India, the second-largest gold-consuming market in the world, a government agency forecasts that the country’s import of the precious metal could drop by nearly 20% this year. High prices have decreased the demand for new jewelry purchases, making a decline in gold prices unavoidable!
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