The world price of gold today, November 19; 2,684 dollars and 77 cents per ounce of gold
reported by Mehr News Agency quoted Reuters, the price of gold decreased and recorded the fastest weekly decrease in the last 5 months. The increase in the value of the dollar has been one of the factors that have reduced the price of this precious metal.
The price of gold per ounce decreased by 0.81% to $2,684 and 77 cents today. The price of gold futures in the Comex market of New York has reached $2,694 and 80 cents with a decrease of 0.41%. The dollar index increased by 0.6% and made buying gold more expensive for holders of other world currencies.
The US Federal Reserve cut interest rates by 0.25 percent at Thursday’s meeting and said it will take a more cautious approach in future meetings. Trump’s victory in the US presidential election raises the question of whether the Federal Reserve will continue to cut interest rates.
The prospect of interest rate cuts, which began with a 0.50% cut in September, has underpinned the significant rise in gold prices this year. Lower interest rates reduce the cost of holding gold as a safe haven and increase the desire to buy it.
Among other precious metals, silver fell 1.27 percent to $31.45 and platinum was down 2.49 percent to $972.49.
