29 June 2023
Gold prices declined towards the key $1,900 mark, reaching their lowest level since March, influenced by Federal Reserve Chair Jerome Powell’s recent comments and the strength of the U.S. dollar and Treasury yields. Positive U.S. economic data raised the possibility of a July interest-rate hike, which further pressured gold prices. However, analysts believe that gold may be reaching a bottom and expect it to rebound as sentiment weakens and approach record price highs in the coming quarters. While prices have been sliding since May, some suggest that bargain hunters could step in as gold nears $1,900, preventing further declines and potentially sparking a modest recovery.