International gold prices are expected to fall to US$1777

On Thursday (September 16), international gold prices continued to be under pressure. The latest data showed that U.S. capacity interest rates remained strong in August. Investors are waiting for the Fed to signal the timetable for reducing stimulus measures during the epidemic. The gold price looks at $1,777 in the market outlook.

At GMT+8 13:41, spot gold price fell 0.31% to US$1788.63 per ounce; the main COMEX gold contract fell 0.30% to US$1789.5 per ounce; the US dollar index rose 0.04% to 92.536.


US factory production slowed sharply in August as Hurricane Ida forced factories to close and continued shortages of microchips inhibited motor vehicle production. However, the performance of the manufacturing industry remained strong despite insufficient inventories.

The US Federal Open Market Committee (FOMC) will hold a two-day meeting next week and is expected to provide guidance on when the Federal Reserve will begin withdrawing asset purchases. The Fed's reduction in debt purchases may weaken the attractiveness of gold.

European Central Bank executive committee member Isabel Schnabel said on Wednesday that global real interest rates are confusingly low and believe that investors may have overestimated the economic impact of the Delta mutant strain.

The world's largest gold exchange-traded fund (ETF)-SPDR Gold Trust-gold holdings fell 0.2% from 1,000.21 tons on Tuesday to 998.46 tons on Wednesday.

The Russian Ministry of Finance said on Wednesday that Russia’s gold production in the first half of 2021 was 135.5 tons, down from 138.1 tons in the same period last year.

On the hourly chart, the price of gold started a downward c wave trend from US$1809 and fell below the 38.2% target of US$1789. The market outlook is expected to drop to US$1777. Wave c is a sub-wave of the downward (ii) wave that started at $1834. (ii) The wave is a sub-wave that started the upward ((i)) wave from $1680.