6 August
There are no factors yet to push gold out of the 1600-1800 range
Over the past week, gold fell to $1,750 an ounce before recovering back to where it started. Under the current circumstances — high Treasury yields, a strong dollar and aggressive Fed policies — it's hard for gold to achieve a prolonged upward trend.
According to representatives of Gold.ru, at the moment no factor can push gold above $1,600 to $1,800 an ounce.
At the same time, according to Bloomberg, the central banks’ demand for gold this year could grow to 750 tons, exceeding the 50-year high by 100 tons, which is an absolute record.
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