Gold has retreated back to levels below $ 1200 an ounce since yesterday evening and sales continued to extend to Thursday morning. The decline comes after gold managed to recover somewhat from a 19-month low as the Federal Reserve confirmed during its meeting in August the possibility of a rate hike in September. Leading to increased pressure on commodities denominated in US dollars, especially the yellow metal.
Moreover, the increase in demand for the US dollar, supported by the intensification of trade disputes between the United States and China, led to gold falling below $ 1190 an ounce. It should be noted that, despite investor caution, it did not contribute to supporting the attractiveness of safe havens of precious metals, with some seeing the US dollar as the lifeline in the coming period.
