Gold Falls 3.2%, Touching a 7-Week Low at $4,147
Gold recorded a sharp decline of around 3.2% on September 28, according to reports, trading in a range between $4,147 and $4,181 per ounce in its weakest performance in seven weeks.
Gold fell sharply during the September 28 session, dropping by about 3.2% according to reports, trading in a range between $4,147 and $4,181 per ounce, marking its lowest level in seven weeks amid multiple pressures hitting precious metals markets.
This sharp decline came in the context of a broad sell-off that swept through commodities markets, as reported, following stronger-than-expected US economic data that reignited fears of continued hawkish monetary policy by the US Federal Reserve.
The rise of the US dollar and escalating government bond yields contributed to deepening losses for the yellow metal, according to reports, as the inverse relationship between a strong dollar and gold prices remains one of the primary drivers in international markets.
Traders are closely watching key technical levels between $4,100 and $4,200 as potential support zones, while some analysts believe that any further decline in interest rate hike expectations could restore buying momentum to gold in the coming weeks, according to reports.
What do these terms mean?
Ounce: A standard unit of measurement for international gold trading, equal to approximately 31.1 grams. Technical level: A specific price watched by traders as a support or resistance point on a chart, where breaking it usually alters the market trend.
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