Gold extends decline as investors await US data

Home Business Gold extends decline as investors await US data 11-11-2024 11:14 AM Ammon News - Gold prices fell on Monday for a second consecutive session as investors awaited U.S. economic data and comments from Federal Reserve officials this week for more clarity on the future direction of U.S. interest rates. Spot gold dropped 0.5% to $2,670.37 per ounce, as of 0736 GMT. U.S. gold futures fell 0.7% to $2,677. The dollar index was a fraction firmer, after gaining 0.6% last week mainly against the euro. A stronger dollar makes gold less appealing for other currency holders. Gold prices registered their worst week in more than five months on Friday as Donald Trump's victory in the U.S. presidential election has raised the prospect of higher tariffs, which could keep interest rates elevated. Traders see a 65% chance of another 25-basis-point Fed rate cut in December and a 35% chance of no change, according to the CME Fedwatch tool. Spot silver fell 0.3% to $31.21 per ounce, platinum rose 1.1% to $979.44, and palladium climbed 0.5% to $994.32. Reuters

Home Business

Gold extends decline as investors await US data

11-11-2024 11:14 AM

Ammon News - Gold prices fell on Monday for a second consecutive session as investors awaited U.S. economic data and comments from Federal Reserve officials this week for more clarity on the future direction of U.S. interest rates.

Spot gold dropped 0.5% to $2,670.37 per ounce, as of 0736 GMT. U.S. gold futures fell 0.7% to $2,677.

The dollar index was a fraction firmer, after gaining 0.6% last week mainly against the euro. A stronger dollar makes gold less appealing for other currency holders.

Gold prices registered their worst week in more than five months on Friday as Donald Trump's victory in the U.S. presidential election has raised the prospect of higher tariffs, which could keep interest rates elevated.

Traders see a 65% chance of another 25-basis-point Fed rate cut in December and a 35% chance of no change, according to the CME Fedwatch tool.

Spot silver fell 0.3% to $31.21 per ounce, platinum rose 1.1% to $979.44, and palladium climbed 0.5% to $994.32.

Reuters

no comments

Notice

All comments are reviewed and posted only if approved.
Ammon News reserves the right to delete any comment at any time, and for any reason, and will not publish any comment containing offense or deviating from the subject at hand, or to include the names of any personalities or to stir up sectarian, sectarian or racial strife, hoping to adhere to a high level of the comments as they express The extent of the progress and culture of Ammon News' visitors, noting that the comments are expressed only by the owners.

name : *
email
	show email
comment : *
Verification code :	Refresh write code :