The course of Tuesday’s gold trading on the commodity market on November 21, 2023 brought a situation in the European afternoon when the price of investment gold crossed the price threshold above USD 2.0000 per troy ounce. At the same time, the price of investment gold during Tuesday European noon on 21/11/2023 was at a value of 1,989 USD per troy ounce, but in the trading trend of price growth of investment gold. At the time, a number of brokerage firm analysts and commodity market financial strategists were reporting that the price of investment gold was climbing upward and would soon cross the $2,000 per troy ounce mark. However, these estimates exceeded even the predictions of these experts, as the period of time to reach this price was estimated until the end of this week, which is marked in the calendar of this year 2023 as the 47th in order.
Currently, during the European late afternoon on November 21, 2023, at approximately 17:33 CET, investment gold traded at the COMEX (Commodities Exchange Centre) commodity market at a value of USD 2,002.90 per troy ounce with the previous daily growth of +1.14% of its price. According to the data of the technical analysis, this current price thus represents a growth of + 8.66% of its price in the last 52 weeks in a total annual comparison, from which since the beginning of this year 2023 the price of investment gold has increased by + 4.84% compared to the price in at the end of last year 2022. This price of investment gold was reached in a situation when the exchange value of the US dollar (USD), measured by the dollar index DXY (US Dollar Currency Index), was at a point level of 103.44 USD points with a daily movement of its point values according to this index, which compares the value of the USD with another six major world currencies.
\According to economic correspondents in connection with analysts of brokerage companies and strategists of investment banks, behind this sharp rise in the price of gold is investor sentiment, which before the publication of the minutes of the last meeting of the FOMC FED (Federal Open Market Committee Federal Reserve System) came to believe that the time has come for the gradual release of high interest rates and the period of lowering interest rates by the central bankers of the United States from the FED will come soon. Although this step would mean a partial weakening of the exchange value of the US dollar (USD), it would significantly contribute to the growth of the gold price within the framework of the so-called inverse rule. Last week’s data reignited hopes that the Fed could start easing monetary conditions earlier than expected, following a slowdown in the labor market and a weaker-than-expected report on consumer inflation. Lower interest rates put downward pressure on the dollar and bond yields, increasing the appeal of unyielding precious metals.