Asian Stocks Fall After Wall Street Tech Sell-Off and U.S. Debt Worries
Gold prices stayed strong on Monday, trading just below $3,300 per ounce. Earlier, gold had dropped to a one-week low, but it bounced back later. The reason behind this recovery is the weak US dollar and traders being careful due to rising trade worries between the US and China.
Investors are now looking forward to a key trade meeting in London. Any news from that meeting could affect the market and change the direction of gold prices. Gold usually does well when people are unsure about the economy, and right now, many traders are trying to stay safe.
Even though gold fell a bit earlier, it did not go down too much. This shows that buyers are still interested, especially when gold becomes a bit cheaper. The price is still strong because people are worried about inflation and global trade problems.
If gold stays above support levels and the dollar remains weak, the price may continue to rise in the coming days. But if trade talks go well and the dollar gets stronger, gold might start falling again.
Impact: Gold could rise if worries about trade stay high. But if the US dollar gets strong or trade talks go well, prices might go down a little.