According to trading data, gold prices have fallen to the lowest levels in more than two years. December gold futures on the New York Mercantile Exchange COMEX collapsed from the level of 1.682 to 1.648.60 per ounce. The last time gold was traded at such levels was in April 2020. Analysts note that the precious metal quotes are declining for the second week in a row after many central banks around the world raised interest rates to curb inflation. In particular, the US Federal Reserve, as well as the Central Banks of Switzerland, Norway and the UK announced an increase in interest rates to curb price growth. And as we know, gold, which is traded in the US currency and does not bring any guaranteed interest income, usually has a negative correlation with the dollar exchange rate and rates. Experts suggest that the negative dynamics in the gold market is very likely to continue due to further tightening of monetary policy by some major central banks. Because against the background of higher rates, the costs of owning gold are growing. At the same time, fears of a recession and any escalation of the conflict in Eastern Europe may support the prices of the precious metal.
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