Gold futures for delivery in August 2023 on the Comex New York exchange fell by $1.50, or 0.08%, to $1,931 per ounce.
Gold has started the trading week with a fairly peaceful movement as it only dropped slightly in the US Monday midday session. Still, it’s been a hot week in opposition to the US economic report, which includes key US broadcast data later this week.
According to one market analyst, gold prices could drop and retest support below $1,900 an ounce early in the second half of the year; However, that doesn’t mean investors should give up on the precious metal.
Gold is maintaining its end-of-2023 average price of $1,930 an ounce, even if prices can maintain a downtrend in the near-term,” said Nicky Shiels, metals strategist at MKS PAMP, adding. : “Gold remains at the core long but remains tactically flexible, which depends on the interaction between a relatively limited Fed and stronger US data