According to the report, the US consumer spending growth rate was 0.7%, reaching a total revenue of 618.7 billion USD.
The report has had a strong impact on the gold, silver and Dollar markets. The US Dollar Index increased by 0.36% and is currently fixed at 92.855. However, gold and silver prices turned down in today's trading.
World gold prices plummeted to 1,756 USD/ounce, losing 38 USD compared to yesterday. Silver prices fell by 0.96 USD to 22.94 USD.
Phil Streible, market strategist at Blue Line Futures, noted: "Gold has found technical support at $1,750. Gold will remain near the $1,800 threshold for some time. Investors' interest in gold is declining."
OANDA's senior market expert Edward Moya said the precious metal, which is anchored at $1,750, will decide whether prices will recover or see another sell-off.
"Over the past two weeks, gold prices have not recovered despite growing calls for investors to be cautious with US stocks. Gold has fallen into the danger zone and could easily fall to $1,700. If the price closes below $1,750, that will be very bad for gold holders," he informed.
Expert Ravindra Rao, head of commodity research at Kotak Securities, commented: "Gold prices are being supported by the weakening of the USD, concerns about the health of the Chinese economy, geopolitical tensions and the risk of the COVID-19 pandemic still exist.
The burden on gold prices is investor indifference, stability in the stock market and controversy over the Fed tightening currency. In my opinion, gold may still fluctuate near $1,800/ounce."
According to Kitco analysts, technically, the first potential support zone for gold is 1738.40 USD, followed by the price zone 1712.80 USD.
SJC gold is priced at 55.9 - 56.62 million VND/tael (buy - sell)
DOJI gold is priced at 56.40 - 57.60 million VND/tael (buy - sell)
World gold prices fell to 1,756 USD/ounce at the beginning of the day, losing 38 USD compared to yesterday.
