Domestic gold price
Domestic gold price developments
World gold price developments
World gold prices increased despite the increase in the USD. At 5 p.m., the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 106.612 points (up 0.24%).
Gold prices showed signs of falling after a better-than-expected US economic report. The market is leaning towards the monetary policy hawks, with many views supporting the US Federal Reserve (FED) to continue raising interest rates.
According to published data, the US GDP in the third quarter is estimated to have increased by 4.9%. Inflation has been controlled. The US Department of Commerce said that orders for durable goods increased by 4.7% (equivalent to 13.2 billion USD) in September. This figure increased higher than economists' forecasts.
Better-than-expected U.S. economic data boosted the dollar, supporting Treasury yields, which significantly reduced the appeal of non-yielding assets like gold.
In addition, the wave of profit-taking is also causing the world gold price to face the risk of falling. Jim Wyckoff - senior analyst at Kitco Metals - said that some investors took profits early. Bond yields remained at nearly 5%, US Treasury bonds could become an attractive safe-haven asset and compete with precious metals.
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