Today's trading trend, waiting to buy

Water was at 2,353.1 USD/ounce, an increase of 30.8 USD compared to yesterday morning.

The weakening of the USD has strongly supported the upward trend in the price of the yellow metal on May 9 (US time). Specifically, the US Dollar Index decreased by 0.32% to 105, increasing the appeal of gold to buyers holding other currencies.

FXStreet editor Joaquin Monfort said that gold prices rose higher "after a number of major central banks decided to cut interest rates or signaled a willingness to cut interest rates more in the future." Lower interest rates reduce the "opportunity cost" of holding gold, a non-interest-bearing asset, making it a more attractive investment.

Specifically, in Sweden, for the first time since 2016, Riksbank has cut interest rates by 0.25% to 3.75%. In the UK, the Bank of England (BOE) announced to keep interest rates unchanged as many people predicted, but signaled that it will cut interest rates in the near future.

The Swiss Central Bank, the Reserve Bank of Australia (RBA) and the European Central Bank have also made similar moves.

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