Gold hits lowest level in more than a week

Gold prices fell for the fourth consecutive session today, Monday, due to the rise in the dollar, at a time when the monetary policy stance of the Federal Reserve (the US central bank) overshadowed expectations about non-yielding gold.

According to Reuters, the spot gold price fell 0.6% to $1,739.31 an ounce by 0931 GMT, after falling earlier to its lowest level since November 10, to $1,738.35.

US gold futures fell 0.7 percent to $1,742.

Analyst Giovanni Staunovo of (UBS) said that one of the main drivers of the price of gold is the real interest rates in the United States, and that gold is taking signals from an upcoming rise in nominal prices in addition to the rise in the dollar.

Gold fell 1.2 percent last week, the biggest weekly decline since the week ending October 14.

The dollar rose 0.8 percent, making gold priced in US dollars more expensive for buyers abroad.

Investors will closely follow the proceedings of the November Federal Reserve meeting scheduled for Wednesday, with market participants estimating a half-point interest rate hike in December after comments made by Fed officials recently. the last.

Matt Simpson, an analyst at City Index, said that gold could test the support levels at $1,735 and $1,729 before knowing the facts of the Fed meeting.

As for other precious metals, the spot silver price fell 1.3 percent to $20.63 an ounce, platinum fell 1.3 percent to $964, and palladium fell 2.5 percent to $1888.12.