Gold
Gold is trading around the $4,000 support level, which is likely to limit the pace of declines in today’s trading.
|
Support |
4000 | 3900 |
| Resistance | 4130 |
4250 |
Gold prices declined during today’s trading session, weighed down by a stronger U.S. dollar and continued pressure on the precious metal ahead of the Federal Reserve’s interest rate decision scheduled for Wednesday. Spot gold fell to approximately $4,003 per ounce, while U.S. gold futures declined to $4,016. The latest drop followed a 4% weekly loss last week, amid rising energy prices that have heightened inflation concerns and strengthened expectations of further monetary tightening by the Federal Reserve. Investors are now awaiting the Fed’s decision and U.S. inflation data scheduled for release on Thursday. While interest rates are widely expected to remain unchanged at the upcoming meeting, expectations of a potential rate hike in December have increased, keeping gold under pressure as the dollar strengthens and the opportunity cost of holding non-yielding assets rises.
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