Gold Price Falls Slightly as Market Feels More Positive
Gold prices went down a little at the start of the week. The price dropped toward $3,265 to $3,290 per ounce. This happened because global market mood has improved. News like a US-China trade deal and a ceasefire in the Middle East made investors feel more confident. When people are less worried, they often sell gold and move to riskier assets like stocks.
Even though gold is falling now, some support is coming from hopes that the US Federal Reserve might cut interest rates later this year. If interest rates drop, gold usually becomes more attractive. Also, the US dollar is a bit weaker, which helps gold prices stay strong since gold becomes cheaper for buyers in other countries.
Traders are now watching speeches from important US Fed officials. Their words might give more clues about future rate cuts, which can affect gold prices.
From a technical point of view, gold is still above its 100-day moving average, which is a good sign. But it is struggling to go above $3,300. If it falls below $3,250, the next possible support could be around $3,200.
Impact:
Gold might stay steady if interest rate cut hopes continue. But stronger market confidence or Fed warnings could push gold prices down in the short term.