Gold price today August 15: Investors stand still
Closing the week session, the world gold price stood at 1,779 USD/ounce, up 16 USD/ounce compared to last week's closing session. Thus, for the whole week, gold price increased by 0.9%.
Precious metal prices have had a volatile week. In the first session of the week, the precious metal price dropped dramatically, to the lowest level in 4 months. However, in the last sessions of the week, gold recovered thanks to the weakening of the dollar, as well as data from the University of Michigan's consumer confidence survey released.
Gold prices have fluctuated up and down in recent weeks due to uncertainty in the global economic recovery, the rapid spread of the Delta variant and speculation about the Fed's plan to reduce stimulus policy. this year or early next year.
The gold market is keeping investors on edge as the precious metal's price spiked after a brief drop below $1,700 an ounce.
Next week, one of the more important macroeconomic announcements to watch is retail sales due on August 17, with the market forecast to decline 0.3% in July 2021.
If the numbers show even bigger declines, gold has a chance to see another rally, said Bart Melek, head of global strategy at TD Securities.
Another thing to watch out for is the August 17 meeting of Federal Reserve Chairman Jerome Powell and the minutes of the Federal Open Market Committee (FOMC) July meeting to be released on August 18.
