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Gold is falling under pressure from the dollar and the Fed's expectations


Octobre, 14 2024
watermark Economic news

On Monday, gold prices declined under the influence of a strengthening dollar. Investors are eagerly awaiting new signals from the Fed about a possible interest rate cut.


The spot price of gold fell 0.2% to $2,651.99 per ounce, recovering some of the 1% increase in the previous session. U.S. gold futures lost 0.3% to reach $2,669.20.


The dollar index rose 0.1%, approaching a two-month high recorded last week. A strong dollar makes gold less attractive to investors using other currencies.


Analysts note that the high probability of a Fed rate cut is holding back the growth of gold prices. Traders estimate the probability of a Fed rate cut by 25 bps in November at 89%, and the probability of its preservation at 11%.


Investors will closely monitor the statements of the Fed representatives during this week and the data on retail sales in the United States.


At the same time, silver fell 1.3% to $31.1275 per ounce, while platinum declined 1.2% to $972.90, interrupting a two-day rise.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.