At the beginning of Asian market trading on Thursday (June 16), spot gold fluctuated narrowly above 1830, holding most of the overnight gains.
Yingwei financial investment Com - in the European market on Friday, the US dollar fell, reversing some gains, after the strong signal of steady growth in the Chinese market.
However, the dollar is still expected to record its biggest monthly increase in seven years.
As recession fears continue to mount, one market analyst said an indicator that could show the Federal Reserve is close to changing its monetary policy would be bullish for gold.
Investing.com - Sterling will fall to record lows this year as Britain's gas crisis worsens, strategists at UBS said.
On Friday (August 5), the international gold price stabilized near the overnight high of $1,794.84 since July 5, and the rebound in the dollar index slowed the pace of gold prices. But the deepening recession continued to support gold prices, with long-awaited U.S. non-farm payrolls data for July due later in the day.
The dollar continued its strong rally last week against the Nikkei and edged higher on Monday, rising to 135.58 earlier, its highest since July 28. Traders now see a 70.5 percent chance the Fed will keep the pace of 75 basis-point rate hikes on hold in its next policy decision on Sept. 21, up from about 41 percent ahead of Friday's nonfarm payrolls data.
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The latest monthly report released by the International Energy Agency (IEA) on the 14th pointed out that the Omicron variant of the novel coronavirus is hindering international tourism, and the global oil market is showing oversupply again, which may be more oversupplied by the beginning of next year.
The number of confirmed cases of COVID-19 in the United States soared. The market expected the Federal Reserve (FED) to raise interest rates, boosting the dollar. The yen hit a new five-year low against the dollar on the 4th.
