Gold prices are expected to decline It has been pressured by the Fed’s accelerating interest rate hike by 0.5% in June.
Gold Price Analysis Hua Seng Heng Gold Futures Co., Ltd. reported that spot gold prices yesterday (12 May 65) have declined continuously in the past 3 months. The gold price is still under pressure. from the appreciation of the dollar Amid concerns that high inflation numbers Will push the Federal Reserve to accelerate interest rates. CME Group data showed investors expect a 97.8 percent chance the Fed will raise interest rates by at least 0.50% at its June meeting, after the Fed chairman signaled a 0.50% rate hike. In the next two meetings The SPDR Gold Trust fund sold a net 5.8 tonnes of gold from yesterday.
The US Consumer Confidence Index for May (preliminary) is expected to drop to 1 from 65.1 in April.
The trend of gold prices is expected to decline. The gold price has $1,810 support and $1,800 next, while there are $1,835 and $1,850 resistances.