Gold continued to fall during the Tokyo market, following the strong drop from the day before. However, in the European market, the price started to rise again. This happened because U.S. long-term interest rates went down, and gold became more attractive since it does not pay interest.
Later in the New York market, the U.S. PPI (Producer Price Index) was announced. It was lower than expected, which caused interest rates to fall even more. As a result, gold prices went up and reached a high of 3,239 before the market closed.
Gold prices dropped earlier because there was progress in U.S.-China trade talks. But due to continuing uncertainty and risks, some people bought gold again for safety. Since today is Friday (the end of the trading week), we think more people may buy gold to adjust their positions.
Expected Gold/USD Range: 3,200 – 3,280
Note: The information above does not guarantee profits. Please make your own decisions when trading.