Golds falls to 2-month low as dollar rises

14/11/2024 Argaam
Gold alloys

Gold alloys


Gold prices declined today, Nov. 14, with futures touching a two-month low as the US dollar index reached a one-year high.

 

December gold futures fell by 0.95% or $24.7 to $2,561.80 per ounce as of 11:53 am KSA time, marking their lowest level since Sept. 12.

 

Spot gold prices dropped 0.66% to $2,556.78 per ounce, while December silver futures declined 2.28% to $29.965. Spot platinum also fell by 0.28% to $935.95 per ounce.

 

The dollar index, which measures the value of the US currency against a basket of six major currencies, added 0.23% to 106.73 points, hitting its highest level since early November 2023.

 

This surge in the dollar's value comes amid expectations of a recovery in the world’s largest economy under Donald Trump’s second term, despite the risks it poses for the Federal Reserve's monetary easing outlook.

 

Investors are awaiting the release of the US Producer Price Index (PPI) reading later today, which is expected to rise by 0.2% in October after remaining unchanged in September.

 

Data released on Nov. 13 showed an increase in the annual Consumer Price Index (CPI) inflation rate to 2.6% from 2.4% in September, in line with expectations.

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