Domestic gold price
Domestic gold price developments
World gold price developments
World gold prices increased in the context of the USD falling. At 7 p.m., the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 106.415 points (down 0.01%).
Gold prices surpassed $2,000 an ounce as conflict in the Middle East escalated, spurring safe-haven buying.
“Gold has maintained its recent gains as the market remains extremely concerned about the conflict in the Middle East,” said Tai Wong, an independent metals trader based in New York. Gold prices have risen about 8%, or more than $140 an ounce, since the military conflict in the region broke out on October 7.
If the conflict escalates, there is a prospect of buying more safe-haven assets, said Daniel Ghali, commodity strategist at TD Securities. Investors are also watching the outlook for US Treasury yields.
Investors are currently focused on the Federal Reserve's (FED) policy meeting next week. Specifically, the upcoming meeting of the Federal Open Market Committee (FOMC), the FED's policy-making body, will take place on October 31 and November 1. The market is predicting a 98% chance that the US Central Bank will keep interest rates unchanged.
The US core personal consumption expenditure (PCE) index for September showed the core rose 0.3% month-on-month and 3.7% year-on-year, matching estimates from economists polled by Dow Jones.
However, consumer spending increased 0.7%. PCE is a preferred inflation measure of the US Federal Reserve (FED).
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