The world price of gold in August; Gold on the way to growth
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Among other precious metals, the price of silver increased by 0.26% to 29 dollars and 38 cents. Platinum is trading at $966 and 54 cents with an increase of 0.06%.
It should be said that the dollar index has decreased in response to the decision of Joe Biden the president of the United States to withdraw from the presidential election. . The falling value of the dollar makes it cheaper for the holders of other world currencies to buy gold.
The prospect of lower interest rates and political instability in the US have supported gold prices, and we are likely to see another record high by the end of 2024. Markets have a 97% chance that the Fed will cut interest rates for the first time in September. A decrease in the interest rate lowers the cost of keeping gold as a unprofitable capital and increases the desire to buy it.
The market is waiting for the data on the personal consumption expenditure index in the US, which is scheduled to be released on Friday, as well as the data on home sales, GDP in the second quarter of this year and Weekly application for unemployment benefits.
