Washington, United States – Gold prices retreated during Thursday’s trading session, pressured by the continued rise of the U.S. dollar. Investors and traders are currently evaluating signals from the Federal Reserve—the U.S. central bank—and its official Kevin Warsh, following the decision to keep interest rates unchanged and defer any monetary policy adjustments until after the midterm elections. Meanwhile, investors are also awaiting the release of U.S. inflation data later today.
Decline in spot and futures transactions
The price of gold in spot transactions fell by 0.7% to $4,039.26 per ounce. Meanwhile, U.S. gold futures for December delivery remained stable at $4,051. The decline in the precious metal was driven by the strength of the U.S. currency; a stronger dollar increases the cost of purchasing gold for investors and holders of other currencies, which in turn exerts…
