After rallying yesterday, gold price is testing a critical resistance level in today's trading. Can the precious metal extend its gains?
In this section, you will find important Gold price news, actionable trading ideas, and a live XAUDUSD chart to help you understand the markets better.
The gold price is a key factor that affects financial markets and the global economy. Gold is one of the top commodities, only behind crude oil, and is trading almost 24 hours a day Monday to Friday. London, New York, Tokyo, Zurich, Hong Kong, and Sydney are where most of the gold trading activity takes place.
Gold historically has been thought of as a store of wealth and is used as a luxury good as much as an investment.
Gold tends to outperform during periods of financial turbulence or economic weakness. Gold attracts safe heaven inflows during periods of high risk in the markets. The yellow metal has protected portfolios against inflation. Historically when inflation has been higher than 3% the price of gold has increased by about 15 percent.
The factors that affect the price of Gold among others are supply and demand, interest rates, central banks, geopolitics, currency fluctuations, etc. The US dollar remains the benchmark currency for gold. Many economists note that because of gold’s intrinsic value, it is seen more as a currency than a commodity, and that is why gold is referred to as monetary metal. Gold is highly inversely correlated to the U.S. dollar and bond yields. When the value of the USD increases gold becomes more expensive for other nations to purchase. This causes gold demand to fall, which is why there’s generally an inverse relationship between the Greenback and the gold price.
Live Gold Price Chart
Gold Price News (XAUUSD)
Already bolstered by risk-off sentiment, gold prices got a lift today after disappointing US Preliminary GDP data. Sign up to find out more.
Gold price finished yesterday’s trading virtually unchanged but with China expected to pass the National Security Law today, can XAUUSD rally?
Gold price continues to be under selling pressure today, but with political tensions between Hong Kong and the US versus China, can it rally?
Gold price continues to trade in the range, despite bullish action on the day. Sign up to view full outlook for gold price action on the XAUUSD pair.
Gold price action is stuck in a range after Moderna's coronavirus vaccine candidate's efficacy is disputed, amid a weakening US Dollar.
Gold price trades higher for the second day close to nine-year highs as the euphoria over a coronavirus vaccine fizzled after reports casts doubts on the reliability of the clinical trial results.