Domestic gold prices
Domestic gold price trends
Trends in world gold prices
Global gold prices rose amid a sharp decline in the US dollar. At 6:30 PM, the US Dollar Index, which measures the dollar's fluctuations against six major currencies, stood at 105.9574 points (down 0.7%).
The USD is rising as many economies around the world are facing difficulties and their central banks tend to ease monetary policy.
China has just announced that its manufacturing PMI for October fell more sharply than expected, to 49.5 points compared to 50.6 points in September. Some experts believe that this data signals a downturn in the world's second-largest economy.
Recently, the Chinese yuan and the Japanese yen have depreciated sharply against the US dollar.
Notably, the US Federal Reserve's decision to keep interest rates unchanged at its recent meeting provided a boost to gold, oil, and stock markets in Asia during the afternoon trading session on November 2nd.
On November 1st, the FED decided to maintain interest rates at their highest level in 22 years, but left open the possibility of raising rates in the future to curb inflation.
The Fed noted surprising signs of growth in the US economy in the third quarter of 2023 but also acknowledged the tightening financial conditions faced by businesses and households.
The strong economic growth in the third quarter provided the basis for Fed policymakers to agree to keep the benchmark interest rate unchanged at 5.25% - 5.50%, a level maintained since July 2023.
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