Compared to last week, the price of gold fell by 1.33% and rose by 7.04% compared to a month ago, 3 days ago. On Thursday, gold prices fell due to Thursday's turbulent trading, as the rise in the U.S. dollar offset support for the precious metal with expectations that the Federal Reserve would curb 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. 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.
The World Gold Council, the market development organization for the gold industry, recently opined that the commodity will face two key obstacles.