Spot gold prices fell globally to $2,732.90 per ounce

  • Gold prices fell in early global trading on Monday, pressured by a stronger US dollar, while investors awaited fresh indications on the path of the US Federal Reserve's monetary policy.

 

  • Spot gold fell 0.5% to $2,732.90 an ounce, while U.S. gold futures fell 0.33% to $2,745.30 an ounce, according to Reuters data.

 

  • Gold prices hit a record high of $2,758.37 an ounce on Wednesday, while last week's trading ended up nearly $1%.

 

  • The dollar index rose 0.2%, making gold less attractive to holders of other currencies, and the yield on US Treasury bonds rose.

 

  • Data last Friday showed that US consumer confidence rose to a six-month high in October, with the rise most pronounced among Republicans who became more confident in Donald Trump's victory.

 

  • According to the CME FedWatch market monitoring tool, markets are pricing in a 94.8% rate cut of 25 basis points at the Fed's November meeting.

 

  • There is uncertainty as the US elections approach on November 5, with opinion polls indicating a tight race between Donald Trump and Kamala Harris.

 

  • As for other precious metals, silver in spot transactions fell 0.4% to $33.57 per ounce, while palladium rose 0.23% to $1,025.15 per ounce, and platinum fell 0.2% to $1,190.97 per ounce.

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