Jumbangla Desk: Gold prices in the global market fell further to the lowest level in two weeks.
This information was reported in a CNBC report on Wednesday (November 8).
According to the report, the officials of the United States central bank Federal Reserve have recently given the impression of keeping the interest rate unchanged or increasing it. As a result, the price of gold fell.
On Tuesday (November 7), the global benchmark gold price fell by 0.48 percent in the spot market. The price settled at 1968 dollars 0988 cents per ounce. US benchmark gold fell 0.8 percent on the same day in the futures market. The price settled at 1973 dollars 50 cents per ounce. In addition, the value of the dollar increased by 0.3 percent on the same day. Which has played a major role behind the decline in the price of gold.
Everett Millman, chief market analyst at Gainesville Coin, said gold prices fell to this level on expectations of a Fed rate hike. The sooner the US central bank cuts it, the better it will be for the bullion market.
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Generally, when interest rates fall, the appeal of gold to investors increases. This also increases the price. And when the interest rate increases, the precious metal loses its appeal. As a result, the price also decreases.