gold
Gold prices fell on Tuesday to their lowest level in about two months, pressured by the rise in the dollar and at a time when investors await US economic data and comments from Reserve officials. The US Federal Reserve for guidance in predicting the direction of interest rates.
Price movements
And by 10:01 GMT, it collapsed gold In spot transactions, it rose more than 1 percent to $2,593.13 an ounce, recording its lowest levels since September 20.
US gold futures fell 0.62 percent, reaching $2,601.10 an ounce.
Tim Waterer, chief market analyst at KCM Trade, said: “Gold succumbed to the rise… US dollars after the elections.”
He said: “It seems that the policies of the president-elect Donald Trump “They are a move for the dollar, and from an inflation perspective, these policies could slow down the path to interest rate cuts by the Federal Reserve in 2025.
The US dollar rose as the digital currency Bitcoin continued its all-time high, as investors continued to engage in betting on Trump’s policies. .
Analysts at Berenberg said in a note that gold is also under pressure because of Trump’s pro-bitcoin stance, which could be an alternative safe haven to the yellow metal.
“While we still expect the price of gold to decline in 2025 and beyond, we do not expect a significant negative correction,” Berenberg said.
Gold is a hedge against inflation, but high interest rates reduce the attractiveness of the metal, which does not generate returns.
The market will focus on the October CPI data which is expected to be released tomorrow, Wednesday, and the producer price index and weekly unemployment claims on Thursday, followed by retail sales on Friday.
Several officials are also expected to speak Federal Reserve This week his boss is among them Jerome Powell.
Traders expect a 65 percent chance of an interest rate cut in December, compared with an 80 percent chance before Trump wins, according to the CME Group’s Fed Watch tool.
As for other precious metals, silver in spot transactions fell 1.3 percent to $30.28 an ounce.
Platinum fell about 1.2 percent to $953.35, while palladium fell 1.4 percent to $967.31.
2024-11-12 10:14:00
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