© Reuters. Gold prices are falling as the date of the US Federal Reserve meeting approaches!
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Arabictrader.com – It recorded a notable decline during trading today, Tuesday, to continue its heavy losses in light of weak demand for the yellow metal and the strength of the US dollar, coinciding with the increase in betting that the Federal Reserve US will work to sharply raise interest rates at this week’s meeting in light of very strong inflation data over the last period.
In today’s trading, spot contracts fell by 0.42% and registered approximately $ 1667 an ounce. Meanwhile, gold futures contracts posted around $ 1677 an ounce, down 0.07%.
The American, which measures the performance of the US currency during trading today, rose nearly 109.00 points and scored around 109.79 points, which had a negative impact on gold prices in light of the report. inverse between the two parts.
Gold prices have clearly declined during today’s trading, in light of strengthening market expectations that the US Federal Reserve will continue to raise interest rates at a sustained pace at tomorrow’s meeting, Wednesday, by around 100. basis points, in light of the stability of inflation at high levels, which puts a lot of pressure on the US Federal Reserve to continue tightening monetary policy vigorously to curb inflation.
Additionally, gold prices have fallen sharply with weak demand during trading today in light of weak demand for the yellow metal, due to growing bets on the U.S. Federal Reserve’s ability to hike interest rates sharply, especially after data. positive US economies.
At the time, gold prices declined sharply, coinciding with the strength of the US bond yield, as the US 10-year bond yield increased 1.50% and registered around 3.542%. The yield on the US 20-year bond also increased by 1.60% to approximately 3.8334%. In addition, the yield on the US 30-year bond increased by 1.48% to a record high of 3.557%, which clearly spurred the demand for gold.
Among the prices of other metals besides gold, metal contracts fell by 0.32% at the start of trading, registering around $ 19,297 an ounce, as well as metal contracts fell by 2.57% and they recorded about $ 2,163.52 an ounce. While the contracts on metals increased by 0.79%, registering around 925.75 dollars an ounce.
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