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Gold: price drop this Monday

30/09/2024
Source : ORISHAS-FINANCE
Categories: Raw materials

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On Monday, the gold price fell, but remained close to the record high reached last week. The ingot is on track for its best quarter in over eight

years.

Spot gold was down 0.2% at $2,653.38 per ounce at 0404 GMT, due to a rise in the US dollar. A stronger dollar makes gold less attractive to holders of other currencies. According to Tim Waterer, chief market analyst at KCM Trade, “Gold still seems poised to hit $2,700 if this week's labor market data aligns with the possibility of further easing by 75 basis points from the Fed by the end of the

year.”

The ingot has increased by just over 14% since the start of the quarter, its best level since January 2016.

In other metals, spot silver was down 0.4% to $31.49 per ounce, after a 12-year peak reached on Thursday and is forecast for a quarterly increase of 8%. Platinum fell by 0.1% to 999.35 dollars and palladium rose by 0.1% to 1012.50 dollars. Both metals are on track to make quarterly gains

.

On Monday, the gold price fell, but remained close to the record high reached last week. The ingot is on track for its best quarter in over eight

years.

Spot gold was down 0.2% at $2,653.38 per ounce at 0404 GMT, due to a rise in the US dollar. A stronger dollar makes gold less attractive to holders of other currencies. According to Tim Waterer, chief market analyst at KCM Trade, “Gold still seems poised to hit $2,700 if this week's labor market data aligns with the possibility of further easing by 75 basis points from the Fed by the end of the

year.”

The ingot has increased by just over 14% since the start of the quarter, its best level since January 2016.

In other metals, spot silver was down 0.4% to $31.49 per ounce, after a 12-year peak reached on Thursday and is forecast for a quarterly increase of 8%. Platinum fell by 0.1% to 999.35 dollars and palladium rose by 0.1% to 1012.50 dollars. Both metals are on track to make quarterly gains

.
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