Gold prices retreated from their highest level in three months today, Nov. 14, pressured by a stronger US dollar and Treasury bond yields, amid expectations of continued interest-rate hikes albeit at a slower pace.
Gold futures for December delivery tumbled 0.29% to $1,764.30 an ounce at 10:01 am Makkah time, with spot prices also down 0.62% to $1,760.45 per ounce.
Likewise, silver futures for December delivery shed 0.75% to $21.50 an ounce and the spot price of platinum fell 0.89% to $1,019.37 per ounce. The spot price of palladium also declined 1.07% to $2,017.19 an ounce.
Meanwhile, the main dollar index, which measures the performance of the US currency against a basket of six major currencies, increased by 0.37% to 106.81 points.
Addressing an economic conference in Australia on Nov. 13, Federal Reserve member Christopher Waller pointed out that the central bank's board may consider slowing the pace of lifting interest rates at its next meeting. However, this should not be seen as a "softening" in its commitment to tame inflation.
In an interview with Bloomberg, Federal Reserve Bank of Boston President Susan Collins warned of the high risks of excessive monetary tightening, adding, “In my view, smaller increments [of rate hikes] will often be appropriate, as we work to determine how much tightening is needed.”
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