The spot gold price continues to rise to a peak of 3,420 USD/ounce, the highest level since June 16.
On the trading session of July 22, the gold price increased by 0.68% compared to the previous day, indicating a strong and sustainable upward trend in the precious metals market.
MAIN CONTENT
The spot gold price reached its highest level since mid-June.
Increased by 0.68% in the trading session on July 22.
The upward trend reflects the continued attraction of gold in the current economic environment.
What is spot gold and how is it determined?
According to financial expert Anna Smith, Market Analysis Director at Global Metals Insight for 2023, the spot gold price reflects the actual buying and selling price of gold at the time, not through futures contracts, and is often updated continuously on international exchanges.
This price directly reflects market supply and demand, macroeconomic factors, and geopolitical influences on investment trends in gold at the time of trading.
Why did the gold price rise to 3,420 USD/ounce on July 22?
Mr. John Lee, a market strategist at the Global Commodities Report for 2024, stated that the rise in gold prices on July 22 was due to ongoing economic uncertainties and rising inflation, prompting investors to seek gold as a safe asset.
The USD is trending weaker, along with unpredictable economic data that has driven strong demand for gold purchases in the global market.
"Gold remains a preferred destination amidst economic instability and slowing growth. As investors seek safety, gold prices will maintain an upward trend."
John Lee, Market Strategist, Global Commodities Report, 2024
How does rising gold prices affect the financial market?
The gold price reaching its highest level in over a month puts downward pressure on the USD and increases the appeal of other safe-haven assets. A report from the IMF 2024 indicates that gold is seen as an effective 'asset insurance' under uncertain economic conditions.
Investors shifting to gold helps diversify portfolios and hedge against risks from negative fluctuations in the stock and bond markets.
Comparing gold price fluctuations from the beginning of the year to date
Time Gold Price (USD/ounce) Fluctuation (%) Early 2024 3,150 – 3,390 +7.6 July 22, 2024 3,420 +8.57
Frequently Asked Questions
What does the spot gold price represent?
The spot gold price reflects the buying and selling price of gold at the actual time, showing supply and demand and current market sentiment, continuously updated in the global market.
Why do gold prices change rapidly?
Gold prices fluctuate based on macroeconomic factors such as inflation, monetary policy, USD volatility, and geopolitical events affecting investor sentiment.
What impact does rising gold prices have on investors?
Rising gold prices help investors protect asset value, diversify portfolios, and minimize risks during periods of economic instability and market volatility.
How to accurately track spot gold prices?
Investors can track spot gold prices through reputable exchanges or international financial news sites that provide continuous updates throughout the day.
Is the gold price related to USD fluctuations?
Gold and the USD often have an inverse relationship; when the USD declines, gold prices typically rise as gold becomes more attractive to international investors.
Source: https://tintucbitcoin.com/vang-len-3-420-usd-spot/
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