Jakarta - The spot gold price on Thursday (19/8) technically has a chance to decline to test the support range at US$1,770 per troy ounce.

Commodity observer Ariston Tjendra said the gold price had moved down by US$5 per troy ounce this morning because the market responded to the tapering issue after the release of the minutes of the Fed's policy meeting this morning.

"This tapering issue will be contrary to market concerns about the increase in COVID-19 cases in the world due to the delta virus. Regarding COVID-19, it can withstand the weakening of gold prices," he said in Jakarta.

As for tonight, the market will be waiting for data on claims for US unemployment benefits, where good data will support the tapering issue, and this could push gold prices down again.