Gold prices went down because of the news that Israel attacked Iran’s nuclear facilities. When there is trouble in the Middle East, many traders buy the US dollar as a safe asset. This caused gold prices to fall.
Also, at the recent FOMC (Federal Reserve meeting), they said they still plan to cut interest rates twice this year. However, Mr. Powell, the head of the Federal Reserve, spoke carefully and showed they are not in a hurry to cut rates soon. Because of this, US long-term interest rates went up. Gold does not pay interest, so when interest rates rise, gold becomes less attractive, and its price went down even more.
But gold is still one of the safest investments in the world. After traders finish selling to take their profits, the price of gold may go up again.
Expected Gold Price Range (USD): 3350 – 3390
Note: This information does not guarantee any profit. Please make your own decisions when trading.