Gold declines despite the decline of the dollar and anticipation of important data from the US Federal Reserve - 1/22/2024

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Gold declines despite the decline of the dollar and anticipation of important data from the US Federal Reserve

EconomyU.S. DollarGold PricesInternational MarketsPrecious Metals

 

01-22-2024 // 00:31

 

Shafaq News / Gold prices declined globally during these moments of trading, today, Monday, as traders await the release of the US Federal Reserve’s preferred inflation measure later this week, which may affect the central bank’s decision to set the interest rate and expectations for the week. Next.

 

Spot gold contracts have now fallen by 0.3% to $2,023 per ounce, while gold futures contracts are falling by about 0.4% to $2,021 per ounce. On the other hand, the dollar index is declining slightly by about 0.05% to 103,020 points.

 

Last week, US Federal Reserve officials said they needed more inflation data before making any decision on cutting interest rates.

 

These statements came in the wake of improved consumer sentiment in the United States, along with a strong labor market, and also retail sales data that indicated that the economy is still strong.

 

The US dollar index fell, while yields on standard 10-year US Treasury bonds fell from the highest level in more than a month to 4.1111%.

 

As for other metals, silver fell in spot transactions by 0.2% to $22.55 per ounce, platinum stabilized at $898.95, and palladium fell by 0.1% to $945.88.

 

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