Domestic gold price
Domestic gold price developments
World gold price developments
World gold prices moved sideways amid a decline in the US dollar. At 5 p.m., the US Dollar Index, which measures the greenback's movements against six major currencies, stood at 105.607 points (down 0.11%).
Gold prices are expected to continue to face difficulties this week. Lukman Otunuga - Chief Market Analyst at FXTM commented that gold prices ended the week with the sharpest decline in the past 6 weeks when the US Federal Reserve (FED) maintained its trend of tightening interest rates.
Chairman Jerome Powell said the Fed remains cautious and ready to raise interest rates if necessary. Market traders are pricing in a 10% chance of a December rate hike. The Fed’s first rate cut would be in July instead of June next year.
After failing to conquer the psychological threshold of $2,000/ounce, gold is likely to have to extend its losing streak.
Bart Melek, head of commodity strategy at TD Securities, said the Fed Chairman's comments continued to support the strength of the USD and rising bond yields. These are two significant obstacles for gold. Given the Fed's tightening bias, there is no big incentive to buy gold at this time.
Meanwhile, James Stanley, senior market analyst at Forex, predicts that gold prices will fall in the short term. Gold prices may test the $1,900/ounce threshold and may fall further.
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