Gold prices took a hit on Monday, feeling the pressure from a rising dollar and a general sense of caution in the market. Investors are holding their breath ahead of crucial economic data releases from the US, which are expected to heavily influence the Federal Reserve’s upcoming policy decisions in December.
Futures trading reflected this bearish sentiment, with significant drops observed across the board. Analysts predict that these economic indicators—likely inflation, jobs, and GDP figures—will provide a clearer picture of the economy’s health and, consequently, the Fed’s next move on interest rates. A stronger-than-expected showing could signal further rate hikes, putting downward pressure on gold.
City-wise gold rates mirrored this overall decline, offering little respite for those hoping to see stability in the market. This synchronized movement underscores the sensitivity of gold to macroeconomic factors and investor expectations.
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Stay tuned for further updates as the week unfolds and the key US data is released. The market’s reaction will undoubtedly set the tone for gold prices in the coming weeks.
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