Due to pressure from the yellow metal’s price dropping to its lowest level in three weeks on the international stock exchange, gold prices fell at the start of today’s goldsmiths market trading.
Gold is 21 pounds, or 1110 pounds, in price. Gold costs 24 pounds, or $1268.5. Gold is priced at 18: 951. 5 pounds. Gold costs 14 pounds, or 740 pounds.
One gramme of gold costs 8880 pounds.
Due to the rise in the dollar and the returns of American treasury bonds, as well as the bet on an increase in Federal Reserve (Central Bank) interest rates, gold prices fell to their lowest point in three weeks. This decreased the appeal of the metal, which does not produce a fixed return, which contributed to the decline.
Following yesterday’s low point of $ 1627.81 per ounce, gold in instant trades fell 1.5% to that price as of 1741 GMT.
US gold futures decreased by 1.
3% of the total settlement, or $1634.
According to Bart Melik, TD CIS, “the market is still highly anxious about the Federal Reserve’s tightening for Monetary Policy.”
In order to reduce the excessive inflation, many US Central Bank officials confirmed their resolve to raising interest rates sharply. Market participants anticipate a 75 basis point increase in interest rates in November.
Although high interest rates increase the cost of an alternative option to own gold that does not produce profits, gold is still commonly seen as a hedging instrument against inflation.
The dollar index increased by 0.7%. Due to the strengthening of the dollar, gold has the greatest price for foreign customers. Since 2008, the US Treasury’s revenue has also reached a new high for a ten-year period.
In quick trades for other precious metals, silver dropped 2% to $18.38 for an ounce.
Palladium dropped 1.1% to 1990.22 dollars, while platinum dropped 2.3% to $886.75.
Today, Thursday, 20-20-2022, at the start of trading, gold prices are declining.
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