Gold prices fell on Thursday with the rise in the dollar, while investors are waiting for economic data, amid expectations that the Federal Reserve (the US Central Bank) may slow the pace of interest rates after November.
By 09:52 GMT, the price of gold in instant transactions had decreased by 1% to $166.79 per ounce (per ounce), and the price of gold in US gold futures had decreased by 1% to $166.70 per ounce.
“It seems that gold is going through a fundamental change in morale against the background of economic uncertainty, and here also what the European Central Bank will say is what will affect more than it will do,” said Rona Ocunel, an analyst at Stone X.
To battle the rise in inflation, the European Central Bank has already increased interest rates at the quickest rate ever, and it is anticipated to do so once more today, on Thursday.
However, Ocunel noted that “there are already expectations that the Federal Reserve Board would raise interest rates by 75 basis points at the November meeting, and it is expected to do the same thing in December.” This hadith is premature, she continued.
In a Reuters poll conducted from October 17 to 24, the majority of experts predicted an additional 50 basis points in December.
The cost of the alternate chance for the gold-legged with a set yield rises as interest rates rise in the United States.
The dollar index increased by 0.3%, decreasing the appeal of gold to foreign buyers.
In terms of other precious minerals, platinum declined 0. 8% to 943. 43 dollars and silver decreased 1.5% to $ 19. 32 per ounce in quick transactions, while allamium had little movement and ended up at 1962. 41 dollars.
With the dollar strengthening and investors anticipating economic news, gold declined.
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