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Gold falls as attention turns to central bank meetings

31 Oct 2023 , 09:40 AM

Tuesday saw little change in gold prices after falling below the crucial $2,000 mark during the previous session. Investors were getting ready for central bank meetings this week, with a particular emphasis on the policy outlook of the US Federal Reserve.

Spot gold remained stable at $1,995.69 per ounce, while U.S. gold futures were trading at $2,004.90.

Due to demand for safe haven due to the Middle East situation, spot gold reached its highest levels since mid-May on Friday, rising as high as $2,009.29 an ounce. Bullion is expected to soar by 8% this month, the most since November 2022, due to the flight to safety.

This week, investors will be watching the U.S. monthly jobs data on Friday and the Fed’s two-day monetary policy meeting, which begins later in the day. The policy decision from the Bank of England is also anticipated on Thursday.

At its policy meeting on Tuesday, the Bank of Japan is likely to examine further adjustments to its bond yield management strategy and to reassess its inflation estimates.

On Monday, two officials at the European Central Bank retreated from market predictions that the institution will begin lowering interest rates in the first half of 2019 and reverse some of its most recent initiatives to combat excessive inflation.

The largest exchange-traded fund backed by gold in the world, SPDR Gold Trust, reported a 0.3% decline in its holdings on Monday. 

Spot silver dropped 0.2% to $23.27 while platinum increased 0.1% to $930.36; both are expected to rise this month. Palladium saw a 0.1% dip to $1,126.38 and was expected to drop by roughly 9% this month.

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Gold and silver prices today: Yellow metal recovers after heavy sell-off;  price rises by 1.23% - BusinessToday

Related Tags

  • FED
  • gold
  • inflation
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