At the end of last week's trading, the price of gold settled above the level of $1700 an ounce, and its gains extended to $1,740 an ounce, before closing the week's trading stable around the $1,726 level.
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Gold markets rallied again on Friday as we have seen a significant bounce from the crucial $1680 level.
Gold markets have turned around quite drastically during the trading session on Thursday after initially hitting the crucial $1680 level.
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Gold prices were not able to stop the strength of the US dollar, which it described recently as temporary.
XAU/USD had a rough session on Wednesday as we are now below the $1700 level.
For two days in a row, gold prices are trying to rebound upwards, but the gold market did not find strong momentum.
Gold tried to rally on Tuesday, but as you can see, we have given up gains yet again.
Despite the recent bullish rebound attempts, the XAU/USD gold price remains near an 11-month low as investors assess the strength of the US dollar amid concerns about global economic growth, as well as inflation expectations and interest rate hikes.
Gold markets rallied rather significantly in the early hours on Monday, as the market reached the $1725 level.
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Gold futures failed to join the general market rally at the end of last week's trading, as a slew of positive economic data lifted investor sentiment.
Gold markets went back and forth Friday as we continue to see a lot of noisy behavior.
The gold market has broken significantly during the trading session on Thursday to test the $1700 level.
The downward pressures continued on the gold market after it rose in the wake of the sharp inflation report from the United States of America, as investors once again turned to the dollar as a safe haven asset.
Gold markets initially tried to rally during the trading session on Tuesday, but gave bank gain to show signs of weakness yet again.
With the beginning of this week’s trading, the gold price completed the broader downward path, as the US dollar continues its record gains.