Gold Prices Dip Slightly Amidst Ongoing Market Volatility
World gold prices saw a slight decrease in the first session of the week, dipping by 0.27% to $4,366 per ounce.
This correction follows a volatile trading week, which saw gold prices recover from their recent decline due to factors such as rising oil prices and US bond yields approaching the 5% threshold.
However, after the US Federal Reserve's (Fed) monetary policy decision, selling pressure eased, and oil prices fell. This created conditions for gold to recover, with spot gold prices approaching $4,400 per ounce before closing at around $4,377 per ounce last week.
The market is still struggling between two opposing forces: inflation cooling down as energy prices fall, supporting demand for gold, and pressure from monetary policy due to high US bond yields and interest rates.