(Introduction) These days investors, traders and common people from all
over the world ask one question again and again: “What is the gold price in USD
today”? Gold has always been considered a valuable asset that provides
protection to people during inflation, currency fluctuations and economic
crisis. Today’s spot rate is around $3367-$3368 per troy ounce. This shows a
slight decline, but still gold remains a safe-haven asset according to the market.
Spot Gold Price in USD
When we say gold price in USD today, it actually means spot
price – i.e. the price of immediate purchase or sale which is running in
international markets like COMEX and LBMA. Today’s spot gold price has been
recorded at almost $3367-$3368 per ounce. It has fallen a little but is still
sustaining at a high level.
Market Movement
According to Reuters reports, today spot gold saw a fall of
0.1% in its value. There was a little pressure in U.S. futures too and December
delivery contracts fell to $3412. Business Insider also confirmed that gold
price in USD today is trading at $3368.69 which is 0.10% down.
Factors that affect gold price
1. Dollar price
When the U.S. dollar is strong, the demand for gold
decreases a bit because gold becomes expensive for buyers of other currencies.
Today also the dollar index went up a bit due to which there was pressure on
gold price in USD today.
2. Federal Reserve Policy
The dovish remarks of Jerome Powell (Fed Chair) gave a
signal to the market that interest rates may be cut in the coming months. When
rates are low, gold becomes attractive because there is no yield on it. Due to
this, the demand for gold can increase in the long term and the gold price in
USD can remain quite stable or go up today.
3. Inflation and Jobs Data
Everyone is also keeping an eye on the upcoming inflation
and employment numbers of the U.S. If the data is weak, gold will be even
stronger. Analysts are saying that there is a chance of core inflation
remaining at 2.9%, which can be a positive signal for gold.
Support and Resistance Levels
According to experts, the short-term support right now is at
$3350 per ounce. If the market goes below this level, it can fall further. But
if the Fed announces a rate cut, this level will become a strong support and
push gold upwards. At present, gold price in USD today is moving around this
zone.
Safe-Haven Demand
During economic uncertainty, gold is preferred by everyone.
Whether it is global geopolitics or inflation, people invest in gold to secure
their assets. For this reason, gold price in USD today is still trading in a
high range.
Global Demand and Supply Trends
Physical gold demand in Asia is moving a little slow because
prices are volatile. But in India, demand is high due to festival season. Both
these factors together influence the international gold price in USD today.
What it means for investors
For those who are looking for long-term investment, gold is
still a strong option. History has repeatedly proved that gold preserves wealth
during times of crisis. If you want to bring stability in your portfolio, then
today’s gold price in USD today is an important signal that it should not be
ignored.
Technical and Fundamental Analysis
Technical side:
Charts show that $3400 is a resistance level.
If gold crosses this level, a new bull run can start.
Fundamentals:
Dollar strength and Fed policies are the
biggest drivers. Both seem to be supportive of gold right now.
Future Outlook
Analysts are saying that if Fed cuts 25–50 basis points in
the next month, then gold price in USD today will easily go up to $3450–$3500
per ounce. But if inflation and jobs data are strong, then the pressure can be
reduced in the short-term.
Conclusion
Today’s gold price in USD today gives us a clear snapshot
that gold is still a safe asset for global investors. Moving in the range of
$3367–$3368 per ounce, the price shows a balance – on one side the dollar’s
quality and inflation pressure, and on the other side the Fed’s dovish policy
and safe-haven demand. At the moment gold is in a stable position, and in the
next few weeks its trend will depend on Federal Reserve’s decisions and
U.S. economic data.
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