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Price of gold falls on stronger dollar

17.11.2022
957

The price of gold fell on Thursday morning, Report informs, citing the auction data.

At the same time, the dollar rose against world currencies, which traditionally has a negative impact on the prices of the precious metal.

The price of December futures for gold on the New York Comex exchange fell by $10.55, or 0.59%, to $1,765.25 per troy ounce. December silver futures dropped by 1.68% to $21.163 an ounce.

The dollar index (the exchange rate against a basket of currencies of six US trading partners) rose by 0.17% to 106.47 points. A stronger dollar makes gold less available to buy in another currency.

Markets continue to evaluate the prospects for further monetary policy of the US Federal Reserve System (FRS). Most analysts expect the rate hike to slow to 50 bps in December after several 75 bps hikes. Traditionally, tightening monetary policy supports the dollar, which is reflected in the price of gold.

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17.11.2022
957
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