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 Gold price per ounce fell for the fourth consecutive session due to the strength of the dollar

Gold price per ounce fell for the fourth consecutive session due to the strength of the dollarGold price per ounce

Gold prices fell for the fourth straight session on Monday,

due to the rise in the dollar, at a time when the monetary policy

the stance of the Federal Reserve (the US central bank)

overshadowed expectations about non-yielding gold

Spot gold price fell 0.6 per cent to $1,739.31 an ounce by 0931

GMT, after falling earlier to its lowest

level since November 10 at $1,738.35

US gold futures fell 0.7 per cent to $1,742

analyst Giovanni Staunovo of UBS  said that one of the main drivers

of the gold price are the actual interest rates in the United States and

that gold is taking signals from an upcoming rise in  nominal costs

in addition to the increase in the dollar.

Gold fell 1.2 per cent last week, the most significant weekly decline

since October 14. The dollar rose 0.8 per cent, making gold priced in

US dollars are more expensive for buyers abroad

Investors will be closely following the proceedings of the November

Federal Reserve meeting scheduled for Wednesday, with market

participants estimate a half-point interest rate hike in December

following recent comments by Fed officials

Matt Simpson, an analyst at City Index, said that gold could test the

support levels at $1735 and $1729 before knowing the facts of the

Federal Reserve meeting As for other precious metals, the spot

silver price fell 1.3 per cent to $20.63 an ounce, and platinum fell

1.3 per cent to $964, and palladium fell 2.5 per cent to $1888.12




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