© Reuters.
Investing.com – Gold continued its losses during these moments of trading, today, Monday, for the sixth session in a row, reaching its lowest level in nearly seven months, in conjunction with the continued strength of the dollar, as traders digested the headline inflation report in the United States and prepared for a large number of data. Job market scheduled this week.
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Gold and dollar now
It fell 0.3% to $1,860 an ounce.
It fell by 0.2% to $1,845 per ounce.
On the other hand, it rose by 0.05% to 105.865 points.
Gold at settlement on Friday
Gold prices turned lower when settling trading on Friday, amid expectations of tightening monetary policy by the Federal Reserve as part of confronting inflationary pressures.
Prices of the yellow metal rose during trading, after government data showed that consumer spending in the United States – which is a major driver of the economy – rose by 0.4% during August, which represents a sharp decline from July’s increase of 0.9%.
The Fed’s preferred measure of inflation recorded the smallest monthly increase since November 2020, as the core personal consumption expenditures price index – excluding food and energy – rose 0.1% during August, below expectations for a 0.2% increase.
Upon settlement, gold futures contracts for December delivery fell by 0.65%, or the equivalent of $12.5, to reach $1,866.1 per ounce, recording weekly, monthly and quarterly losses of 4.1%, 5.1% and 5.2%, respectively.
Gold is falling
Last week, bullion posted its biggest weekly decline since June 2021 to end the third quarter down 3.7%.
“Data from the US continues to remain resilient, and US Federal Reserve pressure is starting to show in the economy,” said Ilya Spivak, head of global macroeconomics at Tastylive.
The dollar held near a 10-month high, while yields retreated from their peak in 16 years.
Higher interest rates raise the opportunity cost of holding bullion, which is priced in dollars and yields no interest.
Markets see a 45% chance of another rate hike this year, but also a 43% chance of some monetary policy easing in the first half of 2024, according to Investing’s Fed rate tracker.
other metals
Spot fell 2.1% to a six-month low of $21.69 an ounce, while platinum fell 0.4% to $900.71 and fell 1.1% to $1,232.11.
2023-10-02 06:58:00
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