Gold futures rose more than $20, standing above $1,820 today. The positive factor from the depreciation of the dollar. Including the US Federal Reserve (Fed) continued its monetary easing policy.
At 7:21 p.m. Thai time, the COMEX (Commodity Exchange) gold contract will be delivered in August. It rebounded $25.50, or 1.42%, to $1,825.20/ounce.
The depreciation of the dollar will increase the attractiveness of gold. by making gold contracts cheaper for holders of other currencies
The Fed’s monetary policy committee voted to keep the short-term interest rate unchanged at 0.00-0.25% at its meeting yesterday. And the Fed will continue to buy at least $120 billion per month of quantitative easing (QE) bonds.
Fed Chairman Jerome Powell has signaled that the Fed will not speed up interest rates. While the Fed continues to monitor the US labor market
Analysts predict that The Fed will send a clearer signal about the direction of interest rates. Including the outlook for the QE limit cut at the Fed’s annual meeting in Jackson Hole, Wyoming, Aug. 26-28.
The World Gold Council (WGC) said that global gold demand in the second quarter stood at 955.1 tonnes, stable year-on-year. but increased by 17% quarter-on-quarter. This was driven by investors and central banks around the world increasing their purchases of gold.