The price of gold falls as the US dollar rises

The price of gold falls as the US dollar rises
The price of gold falls as the US dollar rises

The price of gold falls as the US dollar rises

Gold prices fell during today’s trading, Thursday, November 17 (2022), influenced by the strengthening US Dollar.

This comes after better-than-expected US retail sales data supported expectations for a rate hike as geopolitical concerns eased safe-haven demand.

gold prices today

As of 08:55 GMT (11:55 Mecca time), the price of gold futures contracts – delivery for the month of December (2022) – is down 0.29% to $1770.70 an ounce.

The price for prompt delivery also fellfor yellow metal By about 0.36% to $1767.53 an ounce.

And she was gold prices Yesterday, Wednesday, November 16th, it finished trading for the second straight session on the rise in the US dollar.

The futures price caught the eyemoney Delivery in December – up 1.34% and recorded $21.44 an ounce.

price fell platinum Spot up about 0.21% to reach $1007.10 an ounce and the price of palladium Immediately up about 1.05% to $2054.61 an ounce.

The dollar index, which measures the US currency against a basket of major currencies, rose 0.2%; This made gold more expensive for holders of other currencies.

Gold bars – photo from the site “Financial Express”.

Gold Market Conditions

“Gold had an excellent run, but after struggling to surge above $1,790 it has succumbed to the US dollar’s oversold strength and appears to have entered a recovery phase,” said City Index analyst Matt Simpson.

“Gold could continue to fall given the magnitude of its previous rally, which is likely to encourage profit-taking and tempt some speculators to reverse around these rallies,” he added. Reuters.

Data showed that US retail sales rose more-than-expected in October; This suggests that consumer spending could help support the economy in the fourth quarter of 2022 and renewed expectations that the Federal Reserve will continue to hike interest rates.

Interest charges

said the boss federal reserve In San Francisco, Mary Daly, it is reasonable for the Fed to raise interest rates to a range of 4.75% to 5.25% by early next year and that a pause in rate hikes is not part of the discussion.

Higher interest rates tend to make bullion less attractive; Where the metal pays no interest.

Gold prices hit a three-month high of $1,786.35 an ounce on Tuesday amid fears of escalating the Ukraine crisis after media reports said a Russian missile attack killed two people in Poland near the Ukrainian border.

But the Polish president said on Wednesday that the missile that hit his country may have been a stray Ukrainian defense missile; Which allayed fears that it came from Russia.

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