Gold prices continue declines for 5th session, reaching record low
Date
11/14/2024 2:08:25 AM
(MENAFN) Gold prices continued their decline for the fifth consecutive session on Thursday, hitting their lowest level in eight weeks. This drop was driven by a stronger US dollar and rising Treasury yields, coupled with uncertainty regarding the Federal Reserve's pace of interest rate cuts. As a result, gold became less attractive to investors.
Spot gold decreased by 0.6 percent to USD2,559.39 per ounce by 0244 GMT, after briefly reaching its lowest point since September 19 earlier in the session. US gold futures also saw a drop, falling 0.9 percent to USD2,564.00. The price of gold has been under pressure due to the strength of the dollar and the rising bond yields.
The dollar reached a one-year high, which made gold more expensive for buyers using other currencies. At the same time, US Treasury yields climbed to their highest levels since July, further contributing to the decline in gold prices. The stronger dollar and higher yields are often seen as negative factors for gold, which does not yield interest.
In addition to gold, other precious metals also faced declines. Spot silver dropped 0.9 percent to USD30.05 per ounce, marking its lowest level since September 19. Platinum fell 0.5 percent to USD933.10, while palladium saw a 0.8 percent decline, trading at USD925.75. The overall weakness in precious metals reflects broader market concerns about economic conditions and interest rate movements.
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