The world price of gold today, October 17; The price was reduced
reported Mehr news agency quoted Reuters, the high value of the US dollar and the decrease in the possibility of a 50% cut in the Federal Reserve’s interest rate at the November meeting have lowered the price of gold in Tuesday’s trading.
The price of gold per ounce decreased by 0.22% to $2,636 and 76 cents today. The price of gold futures in New York’s COMEX market has reached $2,657 and 20 cents with a decrease of 0.33%.
The dollar index reached its highest level. It has reached in the last 7 weeks and has made the purchase of gold more expensive for holders of other world currencies.
Analysts believe that the price of gold will trade around $2,700 in the short term and at the level of $3,000 in the long term. The factors affecting the price of gold at the moment is the increase in demand for this precious metal in the midst of geopolitical tensions as well as political instability in the United States as the presidential elections of this country are approaching.
Traders are now 86% likely to cut interest rates by just 0.25% at next month’s meeting. The better-than-expected employment report in the United States has eliminated the need to cut interest rates too much in the rest of this year.
The market is currently looking at the details of the last meeting of the Federal Reserve as well as the producer and consumer price index in the United States, which is scheduled to be released this week.
On the other hand, For the fifth month in a row, China’s central bank has reduced gold purchases for its reserves in September. Due to the high price of gold, China will probably keep the purchase of this precious metal at this low level in the short term, but the policy of buying this precious metal will continue.
Among other precious metals, silver was down 1.62 percent at $31.49 and platinum was down 0.85 percent at $968.76.
