Gold prices fall below $1,795 per ounce
08.12.2022 12:00
Gold prices stood just below $1,795 per troy ounce on December 8 morning after rising on December 7, reported from the auction data.
A slight decrease is facilitated by the strengthening of the dollar and the expectation of another rate hike by the US Federal Reserve System (FRS).
The price of February futures for gold on the New York Comex exchange fell by $3.4, or 0.19%, to $1,794.6 per troy ounce. On December 7, gold rose 0.9% and peaked at $1,800. March silver futures fell 0.64% to $22.775 an ounce.
The dollar index (the exchange rate against a basket of currencies of six US trading partners) rose by 0.23%, to about 105.34 points. A stronger dollar makes gold less available to buy in another currency. At the same time, on December 7, the index fell by 0.45%, which supported gold.
The next cycle of meetings of the world’s major central banks, including the US Federal Reserve, will take place next week. According to CME Group, 75% of analysts predict a 50 bps increase in December to 4.25-4.5% per annum.
Also, the Fed will renew the main macroeconomic forecasts, and then the head of the Central Bank, Jerome Powell, will speak at a press conference. Markets are waiting for clues about the regulator’s rate plans for next year, as well as an assessment of the economic situation amid ongoing uncertainty and high inflation.
www.anews.az
A slight decrease is facilitated by the strengthening of the dollar and the expectation of another rate hike by the US Federal Reserve System (FRS).
The price of February futures for gold on the New York Comex exchange fell by $3.4, or 0.19%, to $1,794.6 per troy ounce. On December 7, gold rose 0.9% and peaked at $1,800. March silver futures fell 0.64% to $22.775 an ounce.
The dollar index (the exchange rate against a basket of currencies of six US trading partners) rose by 0.23%, to about 105.34 points. A stronger dollar makes gold less available to buy in another currency. At the same time, on December 7, the index fell by 0.45%, which supported gold.
The next cycle of meetings of the world’s major central banks, including the US Federal Reserve, will take place next week. According to CME Group, 75% of analysts predict a 50 bps increase in December to 4.25-4.5% per annum.
Also, the Fed will renew the main macroeconomic forecasts, and then the head of the Central Bank, Jerome Powell, will speak at a press conference. Markets are waiting for clues about the regulator’s rate plans for next year, as well as an assessment of the economic situation amid ongoing uncertainty and high inflation.
www.anews.az
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