The current price of gold at the beginning of the new trading week, which is marked in the 2023 calendar as the 43rd in a row, is already retreating from its 5-month high. According to economic correspondents in connection with analysts of brokerage companies and financial strategists of the commodity market, this state of decline in the price of investment gold occurred after investors began to monitor the economic data of the United States of America (US) economy very intensively. Another important fact affecting the price of gold is the level of interest rates and the related exchange value of the US dollar.
Currently, during the Monday European start in the afternoon on October 23, 2023, at approximately 12:07 CET, investment gold was traded on the COMEX (Commodities Exchange Centre) commodity market at a value of 1,989.10 with a daily decrease of -0, 27% of its price. However, the current price of gold according to technical analysis data still represents an annual increase of 15.12% of its price in the last 52 weeks, of which, however, the price of investment gold since the beginning of this year 2023 has increased by + 4.12% of its price compared to the price at the end last year 2022. The current price of gold was reached on the indicated day and time when the exchange value of USD measured by the dollar index DXY (US Dollar Currency Index) was moving at a point level of 106.21 USD points with a daily growth of + 0 .05% of its point value according to this index, which compares the value of the USD with another six major world currencies.
During the reported Monday European start in the afternoon on 23/10/2023, at approximately 12:25 CET, the global currency pair of the single European currency euro (EUR) and the US dollar (USD), as the main commodity currencies of the world markets, was traded within forex operations foreign exchange market at a mutual exchange rate of 1.0595 USD per EUR with a + 0.02% daily strengthening of the EUR against the USD. However, according to brokerage analysts, the single European currency euro (EUR) is highly likely to fall again against the US dollar (USD) amid persistent investor sentiment that suggests another possible increase in US interest rates by the Federal Open Market Committee of the United States Federal Reserve Bank FOMC FED (Federal Open Market Committee Federal Reserve System). The closest traditional two-day meeting of the FOMC, which could change interest rates, is already taking place next week, on 31.10. and 1/11/2023 in Washington, DC.
Gold prices retreated from last session’s five-month high on Monday 23/10/2023 as the US dollar (USD) and Treasury yields (US Bonds) strengthened ahead of key economic data this week, with investors looking for any signs of a global impact from the Middle East conflict. Gold prices hit their highest levels since mid-May 2023 on Friday 10/20/2023 and have risen about 9% over the past two weeks, as investors opted for the safety of precious metals on fears that the war between Israel and the Palestinian Hamas could escalate in the wider conflict in the Middle East. A relentless rise in benchmark U.S. Treasury yields to their highest levels in more than a decade and a half will keep non-yielding gold prices well below the record high of $2,000 an ounce reached on May 4, 2023. “Gold prices have been riding safe flows of late from the conflict in the Middle East and the focus on humanitarian aid and securing the release of hostages suggests that a potential ground invasion from Israel can wait,” said market strategist IG Yeap Jun Rong.