Gold prices fall marginally, awaits US data

Gold prices declined marginally today, Nov. 9, but remained near their highest levels in two months, with the stability of the US dollar, after a number of Federal Reserve members ruled out raising interest rates before 2023 despite the high prices and increasing inflationary pressures.

A number of members of the Monetary Policy Committee of the bank made statements about the situation of the American labor market and inflation yesterday.

Richard Clarida confirmed that the American economy has shifted this year to recovery, but the inflation rate will continue to rise according to expectations.

Meanwhile, Federal Reserve official Charles Evans expressed concern about the high rate of inflation, and made it clear that he was nervous about inflation staying high for longer than previously expected but ruling out a rate hike before 2023.

Gold futures contracts for December delivery fell slightly by 0.1% to reach $1,827.1 per ounce at 10:19 am Makkah time. Spot price for the yellow metal settled at $1,823.6 per ounce.

Elsewhere, silver futures for December delivery fell 0.2% to reach $24.46 an ounce. Spot price for platinum delivery declined 0.6% to reach $1,052.6, while palladium decreased 0.9% to reach $2,058.5 per ounce.

Today, markets are awaiting the release of producer price data in the United States during October, with expectations of an increase in the index by 0.6%.