In yesterday's European session, the price of gold showed its rise, albeit quite slowly. This trend occurs when the United Kingdom (UK) also reports that their economy is experiencing a loosening of the grip on inflation just like the United States (US) recently.
Official data showed a drop in goods price increases to 4.6% in October in the UK compared to forecasts of 4.7%.
This is the lowest benchmark and a significant decrease from the 6.7% as reported in the previous month.
However, the price of gold today and yesterday showed a slight decline which is around $1,960.00 after the previous increase reached the height of $1,975.00.
For now, the value of gold is seen to be flat and has not experienced significant changes during the early trading period in Asia.
Gold prices remained steady in the Asian Session following strong US retail sales data and strengthening expectations that the Federal Reserve (Fed) will end its tightening policy.
Many investors hope that this inflationary situation will favor the monetary authorities and expect interest rate cuts in the first half of next year.
Technically on the price chart, gold has now shown a 'zigzag' movement throughout this week in line with the 200-day price movement indicator.
Investors are hoping for the price of gold to reach the $2,000.00 level again, but remain prepared for the risk of the price falling back to lower levels like the previous week.
