Domestic gold price
Domestic gold price developments
World gold price developments
World gold prices increased amid the USD's decline. At 6:30 p.m., the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 105.9574 points (down 0.7%).
The USD increased when many economies in the world were facing difficulties and central banks of these countries tended to loosen monetary policy.
China has just announced that its manufacturing PMI index in October fell more than expected, at 49.5 points compared to 50.6 points in September. Some experts say that the above data shows a downward signal of the world's second largest economy.
Recently, the Chinese yuan and the Japanese yen have fallen sharply against the USD.
Notably, the decision of the US Federal Reserve (FED) to keep interest rates unchanged in its recent meeting created momentum for the gold, oil and stock markets in Asia in the afternoon session of November 2.
On November 1, the FED decided to maintain interest rates at their highest level in 22 years but left open the possibility of raising interest rates in the near future to curb inflation.
The Fed noted signs of surprising growth in the US economy in the third quarter of 2023 but also recognized the tight financial conditions facing businesses and households.
Strong economic growth in the third quarter led Fed policymakers to agree to keep the benchmark interest rate unchanged at 5.25% - 5.50%, which will be maintained from July 2023.
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