Compared to last week, the price of gold fell by 1.33% and rose by 7.04% compared to a month and 3 days ago. The Live Gold Price fell in busy trading on Thursday, as the rise in the US dollar offset support for the precious metal with expectations that the Federal Reserve would stop its interest rate hikes after a policy meeting next week. The dollar rose by 0.6% against its rivals after falling to a low of more than a month in the last session, making ingots less attractive to foreign buyers. The economy rebounded more than expected in the third quarter amid a decline in the trade deficit and returned to growth after a contraction in the first half of the year.
Despite this, investors were still keeping an eye on the Live Gold Price. However, consumer spending was held back by aggressive Federal Reserve interest rate hikes. The central bank will raise its one-day benchmark interest rate by another 75 basis points with the November rate hikes, increasing the opportunity cost of holding zero-yield ingots. In addition to next week's U.S. monetary policy meeting, investors will focus on Friday's release of U.S.
personal income data for September, which will include the latest reading of an inflation measure that the Federal Reserve is following closely. Do you have any confidential news? We want to hear from you. Get this in your inbox and learn more about our products and services. Gold and silver prices fell sharply on Tuesday due to strong US inflation data.
In the US, which also raised the dollar index and bond yields. ETF stocks are expected to continue to fall, but will remain near historically high levels, which will also affect the price of gold.