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Investing.com – Updated at 18:05 KSA
Gold prices decline strongly, with futures losses exceeding 1%. The price of gold falls to $1,947 per ounce, and spot transactions record $1,944 per ounce. The price of gold is heading to record weekly losses following statements from members of the Federal Reserve, led by Chairman Jerome Powell. Members pointed to the possibility of raising interest rates again, which harmed the upward trend of gold prices.
Details of Powell’s statements:
Details of Fed members’ statements:
Gold prices fell during these moments of trading, today, Friday, as prices are on their way to the second consecutive week of declines, affected by the rise in the US dollar and Treasury bond yields after tough statements from Federal Reserve Chairman Jerome Powell.
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Gold is in the range of the Fed’s statements
Gold is on track to post its biggest weekly decline in more than a month, down about 2% so far.
“Gold has stabilized below $2,000 since the beginning of November, however, I remain optimistic for the end of the year as long as it remains above $1,900,” said Hugo Pascal, precious metals trader at InProvided.
Fed officials, including Powell, said Thursday they are still not sure interest rates are high enough to end the battle with inflation.
Following Powell’s comments, the 10-year yield rose from its lowest levels in more than a month, making non-yielding bullion less attractive to investors.
Yesterday, US Department of Labor data showed that the number of continuing unemployment claims rose to 1.83 million in the week ending October 28, the highest level since mid-April, which suggests a continued increase in the unemployment rate.
Meanwhile, it is on track for its biggest weekly gain in two months, making gold more expensive for holders of other currencies.
“On the technical front, the $1940 level appears to be a very important support level for gold,” said Ilya Spivak, Head of Global Macroeconomics at Tasty Live. Noting that if this level is broken, we are looking at testing another support at $1,900.
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Gold at settlement yesterday
Gold prices turned higher at the settlement of trading, yesterday, Thursday, after two Federal Reserve officials expected a further slowdown in the United States economy, with the full impact of previous increases in interest rates being transmitted, which increased expectations that there is no need for further monetary tightening.
Upon settlement, December delivery rose 0.6%, or $12, at $1,969.8 an ounce, after touching $1,948.3 during trading.
On the other hand, futures contracts for December delivery fell at the end of the session by 4.85%, or $51.3, to $1,009.1, after touching $995, which is the first time since 2018 that the vital metal for the automobile industry fell below the level of $1,000 per ounce, according to Reuters. “.
Gold and the dollar at 10:40 am local time
Gold futures fell 0.48% to $1,960 an ounce.
It fell by 0.16% to $1,955 per ounce.
On the other hand, the dollar index rose by 0.02% to 105.8 points.
other metals
Palladium fell 1.8 percent to $974.42 per ounce, recording its lowest levels since 2018 and heading for its worst week in 11 months.
Platinum fell 0.4 percent to $856.42 and is heading toward its worst weekly performance since the week ending June 18, 2021. It rose 0.3 percent to $22.68.
Technical indicators
2023-11-10 15:09:00
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