Domestic gold price
Domestic gold price developments
World gold price developments
World gold prices plummeted amid the rise of the USD. At 6:00 a.m., the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 105.487 points (up 0.42%).
After a strong rally in a short period of time, the gold market is showing signs of slowing down. Investors are cautious, so the market needs to consolidate, said Ole Hansen, commodity strategist at Saxo Bank.
Juan Carlos Artigas, head of global research at the World Gold Council (WGC), said in an interview with Kitco News that central bank demand highlights the diverse role gold can play in investment portfolios.
Meanwhile, analysts say it is not surprising that central banks continue to buy gold as they diversify away from the US dollar.
In a recent interview with Kitco News, Robert Minter, director of ETF investment strategy at Abrdn, said that the US dollar is unlikely to lose its status as the world’s reserve currency, but countries will continue to diversify their foreign exchange reserves. This is negative news for the US dollar but good news for gold.
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