The price of gold fell after four consecutive weeks of gains as investors assessed the outlook for the hawkish path of the Federal Reserve and on further indications that China is struggling to recover. The price of XAU/USD gold declined at the beginning of this week’s trading, towards the support level of 1773 dollars for an ounce, starting from the psychological resistance of 1800 dollars. The price of gold is stable around the level of 1780 dollars at the time of writing the analysis.
Gold bullion prices fell, after the longest streak of weekly gains in nearly a year. The price of the precious metal has risen amid slowing inflation in the US, supporting the argument that the Fed is less aggressive in raising borrowing costs. China’s central bank unexpectedly cut its key interest rate as it ramped up its support for an economy wracked by virus lockdowns and a deepening property crisis.