Gold has been in a downtrend for some 37 weeks and is still under pressure with its reverse-price currency the dollar being supported by Fed talk of further US interest rate hikes.

On Wednesday, the opening price of the safe haven yellow metal was $1,749 per ounce, $238 less than the opening price (weekly price) at the start of that 37 weeks.

PP Link Securities business manager Chhea Chhayheng, having reviewed market sentimental and technical analysis, said a reluctance among investors towards buying gold was not fading.

He said the strength of previous US interest rate hikes and the Fed’s future intentions would put gold bulls in a cage for a while longer unless global uncertainties such as war and economic crisis intensified significantly.

In the current situation, the clearest indicator for traders was that the price of gold was being hit by the value of the US dollar, meaning a short-term selling position was better.’s Ambar Warrick reported: “Gold prices fell below a key support level on Tuesday after hawkish comments from Federal Reserve officials brewed some uncertainty over the path of US monetary policy, while investors awaited more developments in China.

“St Louis Fed President James Bullard said on Monday that the Fed has ‘a ways to go’ on interest rate hikes, and could keep hiking them and hold them until 2024 to combat inflation.

“Separately, New York Federal Reserve President John Williams said the central bank will likely begin trimming rates in 2024, as inflation pressures eventually ease.

“Their comments boosted the dollar [and] weighed on most metal markets, particularly gold.”

Kitco reported on Monday: “There are also worries about global demand for metals as unrest in China . . . is likely to further squelch that country’s economic growth.”

Other big market events this week included a speech by Federal Reserve chair Jerome Powell on Wednesday afternoon and the Labor Department’s US employment report on Friday, it added.

While the November change in US jobs scheduled for release is, according to, forecast to be lower than last month’s revision, Chhayheng did not offer confidence for a big buy position.

“The next big move for gold will become clearer when Friday night comes,” he said.