Islam Saeed wrote Wednesday, November 1, 2023 08:31 PM
Witness prices gold There have been declines in the global stock market since this morning, coinciding with the US Federal Reserve’s tendency to fix interest rates at levels of 5.25 and 5.50%. The Fed’s decision came in line with expectations and fixed rates for the second meeting in a row, and an ounce of gold in spot trading recorded levels of $1,979 at the time of writing these lines.
Gold prices in morning trading
Gold opened November trading lower for the third session in a row, as markets awaited the Federal Reserve’s monetary policy decision later today, after concerns about the conflict in the Middle East caused gold, which is considered a safe haven, to rise above the level of $2,000 per ounce. During the past month.
Spot gold prices fell during trading today, Wednesday, by 0.3%, recording the lowest level at $1,975 per ounce, and at the time of writing the report, it was trading at $1,978 per ounce, after it declined during yesterday’s session by 0.6%, losing $13 per ounce.
During the month of October, gold rose by 7.3%, earning $135 per ounce and recording the largest monthly rise since last March, thus erasing all the losses recorded by gold during the second and third quarters of the year combined, as the precious metal had witnessed a decline during the second quarter by 2.5% and during the quarter. The third rate was 3.7%.
Gold was able to penetrate the level of $2000 per ounce last week to close the week’s trading above this level, but at the beginning of this week gold began a negative correction that pushed it to the support level of $1975 per ounce, especially with the markets waiting for the US Federal Reserve’s meeting today, and the US jobs report data next Friday. .
The main reason behind the record rise in gold prices during the month of October is the war in the Middle East, which caused an increase in demand for safe havens in the financial markets, making gold the best investment in the markets.
On the other hand, we find that the US dollar also achieved positive performance during the past month, whether due to support from better-than-expected US data that shows the flexibility of the US economy and its acceptance of further monetary tightening, or because it is also considered a safe haven in the financial markets.
The dollar index, which measures its performance against a basket of 6 currencies during the month of October, rose by 0.6% and recorded during the month the highest level since November 2022 at 107.033, making the dollar’s rise in October a rise for the third month in a row.
2023-11-01 18:31:00
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