Gold prices were $5 lower (0.3%) in early-Monday trading after the precious metal failed to hold a bounce from the $1,800 support level on Friday.
Gold has been struggling over the last three weeks despite...
Gold Price
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.
Gold prices were on the defensive in Friday trading as the precious metal continued its descent with a break below $1800. After mounting a weak bounce from the support, the price of gold now trades at $1785.
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Gold price continues its descent and eyes $1,700.
Gold price action could see further downside in the short term before certain factors push it above $2,000 in 2021. Sign up to find out more about this outlook.
Following the break of the bearish flag, what is next for gold prices? Sign up to find out.
Gold price bearish action continues.
The gold price is higher by 0.17% on Wednesday but this is just a small bounce after a tumble from the stubborn support at $1863. Gold now trades at the $1800 level with a risk of further breakdown ahead.
Bearish price action on gold continues.
Gold price is in trouble. Yesterday, it dropped to a low of $1,820, which is the lowest it has been...