Gold declines with a shift to profit-taking and anticipation of Fed meetings
Gold prices fell slightly today, Thursday, with investors taking profits and exercising caution before the council meeting The US Federal Reserve next week, while they look to the upcoming data for clearer signals on the path of interest rates.
And The price of gold in spot transactions increased by 0.2%, reaching $4,196.96 per ounce by 04:46 GMT. US gold futures (December delivery) fell by 0.2%, reaching $4,225.90 per ounce.
At the same time, silver prices fell 0.4% to $58.26 per ounce, after touching a record high of $58.98 on Wednesday.
In other precious metals, platinum fell 0.9% to $1,656.15. per ounce, while palladium fell 1.3% to $1,441.75 per ounce.
Market attention is now focused on the personal consumption spending index for September, which is a measure The Fed’s preferred inflation rate, which will be released on Friday.
Markets currently estimate the odds of a rate cut next week at 89%, while major brokerages also expect interest rates to ease at the meeting scheduled for December 9-10.
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