He gold value experienced an ascent this Tuesday, August 22, surpassing the mark of the $1,900 per ouncebenefited by the slight drop in dollar and the yields of bonds. This situation was unfolding as investors eagerly awaited the start of the Jackson Hole Symposium later in the week.
Spot gold registers an increase of 0.5%, reachingor US$1,902.50 per ounce. At the same time, contracts Gold futures in the US present an equivalent increase of 0.5%reaching u$s1,932.30.
The independent analyst ross norman He commented: “At this point, it seems to be mostly a bit of a dollar correction and looking for buying opportunities at these levels, which is supporting gold values.”
Gold: the market’s eyes are on Jackson Hole
Regarding the expectations around jackson holeit was anticipated that there would be no substantial changes in the gold market because most of the people would be kept on hold. However, the relevant issue continued to be the yields of the Treasury bond of the United States, which had reached maximum levels not seen in 16 years.
The dollar is experiencing a 0.2% drop against other currencies, resulting in a decrease in the cost of gold for holders of other currencies. In turn, yields on 10-year US Treasury bonds fell after reaching levels not seen since November 2007.
At this time, attention was directed towards two key figures: christine lagardePresident of the European Central Bank, and Jerome Powell, Chairman of the Federal Reserve. Both would meet jackson hole later in the week to discuss the outlook for interest rates.
It is important to note that an increase in interest rates leads to an increase in bond yields, which lessens the attractiveness of gold bullion by not earning interest by itself.
Current gold prices were below the 50-, 100-, and 200-day moving averages. Traders who are guided by technical signals consider a break below these key moving averages to indicate a downtrend.
As regards other precious metals, the silver Spot is on the rise, registering an increase of 0.3% and reaching US$23.42 per ounce. For his part, the platinum presents an increase of 1.2%, reaching u$s920 while palladium It exhibits an increase of 1.5% and stands at US$1,264.14.
Source: Ambito
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