Long-term investors should seize the opportunity to buy gold when its price drops, especially with a threat of recession and a struggling stock market.
However, Wall Street analysts predict a short-term decrease in gold prices, possibly reaching $1,900 per ounce. This is largely due to the plan of increasing interest rates, which negatively impacts gold.
The USD Index, measuring the strength of the greenback against other currencies, decreased by 0.1% to 102.7.
In the coming weeks, the gold market will closely monitor macro data, particularly labor and inflation reports, to assess if it supports the Federal Reserve's plan of two more rate hikes.
However, Wall Street analysts predict a short-term decrease in gold prices, possibly reaching $1,900 per ounce. This is largely due to the plan of increasing interest rates, which negatively impacts gold.
The USD Index, measuring the strength of the greenback against other currencies, decreased by 0.1% to 102.7.
In the coming weeks, the gold market will closely monitor macro data, particularly labor and inflation reports, to assess if it supports the Federal Reserve's plan of two more rate hikes.
