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Monday, October 14, 2024

Gold declines with the rise of the dollar, and traders await the course of interest rates

Gold declines with the rise of the dollar, and traders await the course of interest rates

By 0022 GMT, it had declined gold In spot transactions, it rose 0.4 percent to $2,646.75 per ounce, after rising 1 percent in the previous session.

US gold futures fell 0.5 percent to $2,663.90 an ounce.

The dollar index rose 0.2 percent, which makes gold less attractive to holders of other currencies.

Data on Friday showed that producer prices in the United States remained unchanged in September, which indicates a favorable inflation outlook and supports views that the US Federal Reserve will cut interest rates again next month.

The precious metal, which does not earn interest, is a preferred investment in times of low interest rates.

Investors are also awaiting US retail sales data due later this week for further indications of interest rate expectations.

As for other precious metals, silver fell in spot transactions by one percent to $31.21 per ounce. Platinum fell 0.9 percent to $976.20 an ounce. Palladium fell 2.1 percent to $1,045.87 an ounce.



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