Gold prices in the European market on Thursday continued to decline for the second consecutive day, reaching their lowest level in two weeks after falling below the psychological threshold of $2,400. Currently, prices are moving against most bullish expectations due to a sharp rise in the Japanese yen.
The dramatic increase in the yen is causing turmoil in global markets, leading to a widespread sell-off in financial assets, including global stocks, gold, and Bitcoin, as investors reassess their leveraged positions.
Most expectations were stable around a rise in gold prices, especially after data showed a contraction in US industrial activity, leading to full pricing of the likelihood of US interest rate cuts in September and November.
To reassess and confirm these probabilities, investors are eagerly awaiting the release of US economic growth data for the second quarter later today.
Price Overview
On Thursday, gold prices fell by 1.3% to $2,365.94, the lowest since July 10, from an opening level of $2,397.89, with the highest level recorded at $2,401.27.
On Wednesday, gold prices lost 0.5%, resuming losses that had paused the previous day for the first time in five days, due to the rise of the Japanese yen.
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