Gold prices fall again in the global market

Amid the further deterioration of the war situation in the Middle East, the price of crude oil in the international market has exceeded $ 90 per barrel. This has increased the fear of inflation. At the same time, the price of gold in the global market fell slightly on Monday (July 20) due to the influence of the US Federal Reserve’s policymakers’ indication of further interest rate hikes.
At 8:42 am today, the price of gold per ounce in the spot market fell by 0.1 percent to $ 4.14.53. However, the price of US gold futures for delivery in August was stable at $ 4.19.80 per ounce. Meanwhile, the US said that it had attacked Iran for the ninth consecutive night after at least two US soldiers were killed in Jordan.
At the same time, US allies in the region reported that a new Iranian attack took place on Sunday. Kelvin Wong, senior analyst at market research firm Ondar, said the escalation of tensions over the weekend has further heightened the risk of a potential all-out war between the two sides. At the same time, if the simultaneous fear of economic stagnation and inflation increases, it could be negative for the gold market. Because in such a situation, the opportunity cost of holding gold increases. He added that he is cautious about the gold market in the long term. In his opinion, $3,886 per ounce is a key price level. If the price falls below it, it could fall further towards $3,500.