Gold prices fell by about $5 during today’s trading, Tuesday, September 12 (2023), for the first time in 3 sessions, with the US currency rising.
This comes as investors await US inflation numbers that could provide an updated view on interest rates, after the Federal Reserve (US central bank) kept the door open for further tightening monetary policy.
Gold prices ended their trading yesterday, Monday, September 11, at an increase of $4.5, to continue reaping gains for the second session with the decline of the US currency against the basket of major currencies.
Gold prices today
By 06:55 AM GMT (09:55 AM Mecca time), gold futures prices – for December 2023 delivery – fell by 0.24% ($4.6), reaching $1,942.60 per ounce.
Spot gold contracts fell by 0.13% to $1,919.71 per ounce, according to figures seen by the specialized energy platform.
The spot price of silver metal also fell by 0.26% to $23.02 per ounce, while the spot price of platinum fell by 0.25%, to reach $901.71 per ounce, and in contrast, the spot price of palladium rose by 0.15%, to record $1,223.71 per ounce.
At the same time, it rose Dollar index The US dollar – which monitors the performance of the US currency against 6 major currencies – increased by 0.11%, reaching 104.68 points.
Gold bullion – archive
Gold price analysis
Market activity is likely to be broadly weak until the release of US CPI data tomorrow, Wednesday, which could provide guidance on US interest rates, after a widely expected pause by the Federal Reserve next week.
“A consistent or even slightly higher CPI number is likely to put some short-term pressure on gold prices,” said Nicholas Vrabel, global head of institutional markets at ABC Refinery.
The New York Federal Reserve reported on Monday that Americans’ overall views on inflation did not change much in August, even as they expected prices for necessities such as rent and food to rise.
Markets expect a 93% chance the Fed will keep interest rates steady at its September 19-20 policy meeting, but there is a 44% chance it will raise interest rates in November.
Demand for non-interest bearing gold may be harmed if the Federal Reserve raises US interest rates to curb inflation.
JP Morgan analysts said in a note: “From a broad perspective, gold prices have continued to hold up relatively well, amid a multi-month trend of a rising US dollar and rising long-term US Treasury yields,” the agency reported. Reuters.
They added that the continued rise in gold prices will likely need to be stimulated by an eventual shift toward a Fed cutting cycle.
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2023-09-12 07:21:53
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