USD keeping pressure on gold price
Gold was trading flat in morning and afternoon London trade on Monday, at around $1,913 an ounce.
Stronger USD
Prices have been pressured by rising yields and a stronger US dollar recently on expectations that the Federal Reserve might be done with raising interest rates, for now.
Meanwhile, central banks have continued with their strong purchases of gold. According to ANZ research, the majors bought 55 tonnes in June, after selling during March to May, while China emerged as the largest buyer year-to-date, accumulating 125 tonnes to July.
(Video Transcript)
Outlook on gold
Well, let's take a look at gold now. It's marginally higher today. It's been trading in the red this morning, Monday morning, but it's now at 0.03% and trading around $1914 an ounce.
Well, since the end of July the precious metal is down about 3%, but if we look at the price from the beginning of November, it's actually risen about 20% since then.
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