Gold Hits Over One-Week Low

Date: 30 October 2021 - 21:50

News ID: ۹۵۹۹۹

NEW YORK (CNBC) - Gold prices fell to their lowest in over a week on Friday, weighed by rising U.S. bond yields and a stronger dollar, as data showing gold prices fell to their lowest level in more than a week on Friday, weighed down by a stronger dollar after U.S. data showing inflation stayed hot last month put the focus back on the Federal Reserve’s policy meeting next week.
Spot gold fell 0.9% to $1,782.23 per ounce. U.S. gold futures for December settled down 1.04% at $1,783.90 per ounce.
The consumer spending data fueled worries about aggressive monetary policy action from the Fed to combat a surge in prices, sending yields on the U.S. 10-year note up as high as 1.6190%, and the dollar surging 0.8%.
“Traders across global markets have aggressively raised their outlook for policy tightening, as an energy crunch and snarled supply chains drive inflation higher, leading market participants to price the risk of a faster exit,” analysts at TD Securities said in a note.