“The price of gold on the global market fell by more than 4% for the week, which became the worst performance in three years.”, — write: www.epravda.com.ua
The price of gold on the global market fell by more than 4% for the week, which became the worst performance in three years.
About this informs Reuters.
On Friday, November 15, the price stabilized near two-month lows of $2,568.37 per ounce.
The reasons for gold’s decline were the strengthening of the US dollar and investors’ expectations of higher inflation and slower interest rate cuts due to the policies of President-elect Donald Trump.
Fed Chairman Jerome Powell has already said that there is no need to rush to ease monetary policy, which indicates the possibility of a long period of high rates. Market expectations for a rate cut of 25 basis points in December fell from 83% to 62%.
It is noted that in addition to gold, the decline in prices also affected silver, platinum and palladium.
We will remind:
Global demand for gold in the third quarter of 2024 increased by about 5%, set a record and raised consumption above $100 billion for the first time.