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