Last night, the price of gold experienced unpredictable fluctuations due to China's economic growth in the second quarter of 2023, which was lower than the expected market growth of 6.9%. As a result, the precious metals market experienced some downward pressure.
Currently, gold prices remain above $1,950 an ounce, but analysts suggest that various factors need to be in place for the gold market to experience a significant breakthrough.
The gold market is highly sensitive to the Fed rate outlook, and it is too early to predict a rally in gold prices despite a recent increase of over $30.