$PAXG Remains Near $5,105 as Dollar Strength and Oil Surge Created Pressures on Precious Metal Market — China Keeps Buying GOLD $XAU 💰
#PAXGUSDT price dropped to $5030 under pressure today as a stronger US dollar and rising oil prices reduced demand of precious metal. #PAXG is trading around $5,105 per ounce 📉, while $XAG price sits near $83.34 per ounce after a drop to 79.66.
Oil price has risen sharply which is raising concerns over higher inflation, eventually Fed may keep interest rates high —it will be a double blow for non‑yielding assets like gold 🔥. Still, coordinated releases from strategic oil reserves have helped to limit the further price fall of #PAXGUSDT
Meanwhile China continues to buy gold actively, aiming to diversify reserves and cut reliance on the US Dollar — this move keeps a long‑term support over gold prices 🇨🇳💰.
In short: near‑term pressure remains, but strong demand from central‑bank and China may bring bullish trend in #PAXGUSDT price over time.
Follow for more updates on precious metal market.