Gold prices fell at the end of today’s trading, Friday, November 15 (2024), continuing to hemorrhage losses for the sixth session in a row, and also recording a sharp weekly loss.
The precious metal recorded its worst week in 3 years, affected by the rise in the dollar and US Treasury bond yields, amid expectations of smaller interest rate cuts by the Federal Reserve (bank central US).
And it was Gold prices Yesterday, Thursday, November 14, it ended its trade with a decline of about $11, continuing to lose for the fifth session in a row with an increase in the dollar index and American data release.
The precious metal fell more than $ 130 in the last five sessions, after the shock suffered by the markets, after the results of the US presidential elections showed that the Republican candidate Donald Trump defeated his -Competitor Kamala Harris by a margin of votes.
Gold prices today
At the end of the session, prices of gold futures contracts, for delivery in December 2024, decreased by 0.1%, or equivalent to $2.8, to reach $2570.1 per ounce, as recorded. Weekly loss Sharp by 4.6% or $124.7.
Before 06:00 pm GMT (09:00 pm Mecca time), the prices of contracts for immediate delivery of gold fell 0.1% to $ 2,563.11 per ounce, according to figures compared to the specialized energy platform (based in Washington).
At the same time, spot prices for the metal fell Money By 0.53% to $30.29 per ounce, and price… Platinum Spot rose 0.03%, to $940.7 an ounce, while the price of… Palladium Spot rose 0.85%, registering $951.62 per ounce.
At the same time, he returned Dollar index – which tracks the performance of the US currency against 6 major currencies – by 0.01%, to 106.65 points.
Gold jewelry at an Indian exhibition – photo from Reuters
Gold price analysis
Investors are looking at the October Consumer Price Index data released on Wednesday, which showed inflation rising in America, as well as the Producer Price Index data released on Thursday.
Gold prices hit a two-month low in the previous session, falling more than $220 from a record high last month.
The US dollar continued its rising trend this week after Donald Trump’s election victory, making bullion more expensive for holders of other currencies.
Forex.com market analyst, Fouad Razaqzadeh, said that the weakness of gold indicates the prospect of a more restrictive US monetary policy in 2025 under Trump.
And he said Chairman of the Federal Reserve Jerome Powell said yesterday, Thursday, that stable economic growth, a strong labor market, and continued inflation justify caution in lowering interest rates quickly.
According to Fedwatch, markets see a 59% chance of a 25 basis point rate cut in December, down from 83% the previous day.
“While Powell’s comments may curb gold price gains as we head into the new year, another turbulent time for President Trump may see him attract safe havens,” said City Index senior analyst Matt Simpson.
Simpson said, with the US calendar settling next week, gold prices could rebound, possibly reconfirming the $2,600 level, she said. Reuters.
US producer prices rose in October, data showed Thursday, adding to signs that progress toward reducing inflation has stalled.
US Census Bureau data also showed – today, Friday – that US retail sales index growth slowed to 0.4% month-on-month in October, after rising 0.8% in September. show a decline in consumer spending by America. families.
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2024-11-15 19:49:00
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