Gold Prices Rise Amid US Credit Rating Downgrade...

2 août 2023

On Wednesday, gold prices experienced a slight increase due to the weakening of the U.S. dollar and Treasury yields following Fitch's downgrade of the country's credit rating. This move dampened confidence in the economy, especially in anticipation of crucial data to be released later in the week.

XAUUSD BUY LIMIT 1945 - 1943 🕯

✔️ TP1: 1950
✔️ TP2: 1955
✔️ TP3: 1960

❌ SL: 1952

2 août 2023

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At 0122 GMT, spot gold recorded a 0.2% increase, reaching $1,948.43 per ounce, while U.S. gold futures showed a 0.3% rise, reaching $1,985.60.

2 août 2023

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Following rating agency Fitch's downgrade of the U.S. government's top credit rating, both the U.S. dollar index (DXY) and benchmark 10-year Treasury yields declined. Fitch's downgrade was attributed to concerns about fiscal deterioration over the next three years and the increasing burden of general government debt.

2 août 2023

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During periods of stress and economic uncertainty, gold becomes a favored safe-haven investment due to its pricing in dollars.

2 août 2023

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American central bankers have conveyed their optimism about successfully combating inflation without causing significant damage to the job market. Nevertheless, they also indicated that achieving this goal would entail maintaining higher interest rates for a considerable duration.

2 août 2023

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Private surveys revealed on Tuesday that worldwide manufacturing activity continued to experience a downturn in July. This indicated that the global economy was being impacted by both decelerating growth and vulnerabilities in China, although the situation in the Americas appeared to be comparatively less gloomy than in other regions.

2 août 2023

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In June, job vacancies in the United States dropped to their lowest point in over two years, yet they still maintained a level indicative of a tight labor market.

2 août 2023

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According to sources familiar with the situation, China's currency regulatory authorities are urging certain commercial banks to decrease or delay their acquisitions of U.S. dollars, with the intention of decelerating the depreciation of the yuan.

2 août 2023

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The World Gold Council (WGC) reported on Tuesday that global gold demand, excluding over-the-counter (OTC) trading, experienced a 2% year-on-year decline during the second quarter of 2023. This dip was primarily attributed to reduced purchases by central banks and subdued consumption within the technology sector.

2 août 2023

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India's gold demand in 2023 could fall 10% year-on-year to their lowest in three years, as per the WGC.

2 août 2023

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On Tuesday, the holdings of SPDR Gold Trust (GLD), the largest gold-backed exchange-traded fund globally, recorded a 0.4% decrease.