Thursday , August 11 2022

Gold falls to its lowest level in a week


Gold prices fell to a week low on Thursday. Dollars and stocks pushed investors into resolving the US Central elections, pushing the Federal Reserve Bank on Thursday to move towards a monetary policy decision.

The Fed is not expected to raise interest rates until the next meeting in December, but expect to see whether traders have provided evidence of possible increases in December and 2019.

"The December interest rate increase is fully absorbed, but the outlook for the next year is still uncertain," said Elia Spivak, DiliFX currency analyst.

"His confident voice will probably press gold, but cautiously may give some support."

The Federal Reserve has increased interest rates in September and plans four more by the end of 2019 and by 2020, saying one has steady economic growth and a strong job market.

The rate hike in the US discourages the attractiveness of gold-free gold and increases the bond yields by increasing the dollar.

At 0710 GMT, the spot price of gold has fallen by 0.3 percent to $ 1222.31 an ounce after reaching its lowest level of $ 1221.1 in the session since November 1st.

US gold futures declined by 0.2% to $ 1226.3 per ounce.

Silver fell 0.5 percent to 14.50 per ounce on spot trade.

Palladium fell 0.5% to $ 1127.55 per ounce. The metal reached a level of $ 1139.50 per two-week high for a two-week session.

Platinum dropped to $ 870.60, down 87% per ounce after reaching its highest level since June 25.

Source link