Gold prices fall ahead of Fed meeting minutes
Gold prices declined as the dollar strengthened, while investors awaited the release of the minutes of the Federal Reserve’s September meeting later today
Gold prices declined during Wednesday’s trading as the dollar strengthened, while investors awaited the release of the minutes of the Federal Reserve’s September meeting later today for clues on whether US policymakers are leaning toward raising interest rates again.
The dollar index, which measures the US currency against a basket of six major currencies, rose 0.25% to 102.07.
Participants at the London Bullion Market Association’s annual conference forecast gold prices to reach $5,013 per ounce over the next 12 months, Reuters reported.
Although recent weak economic data have reduced expectations for a US interest rate hike in October, traders still see an 87% probability of an increase by December.
|
Changes in Precious Metals Prices |
|||
|
Metal |
Price ($/ounce) |
Change ($) |
Change (%) |
|
Gold (December futures) |
4,161.0 |
(26.1) |
(0.60%) |
|
Gold (spot) |
4,133.60 |
(30.58) |
(0.75%) |
|
Silver (December futures) |
61.010 |
(0.579) |
(0.95%) |
|
Silver (spot) |
60.6928 |
(0.65) |
(1.05%) |
|
Platinum (spot) |
1,690.55 |
(19.95) |
(1.15%) |
|
Palladium (spot) |
1,159.34 |
(12.00) |
(1.00%) |
*As of 8:20 a.m. Makkah time.
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