Gold prices fell on Thursday, with the dollar recovering slightly, while market participants await further guidance from next week's Federal Reserve meeting on raising interest rates.
Gold fll in spot transactions
By 02:48 GMT, spot gold fell 0.2% to $1,783.50 an ounce, after rising more than 1% yesterday, Wednesday, supported by the decline in the dollar and US bond yields. US gold futures fell 0.2% to $1,795.10.
The dollar index rose 0.2%, making the yellow metal priced in the US currency more expensive for buyers than holders of other currencies.
Federal Reserve
Most investors are expecting the Federal Reserve to raise interest rates by 50 basis points at its last meeting in 2022 scheduled for December 13-14, and market participants are also waiting for the November CPI report due on December 13.
"If the result (the Fed's meeting) is in line with expectations, the market will be relieved that it is not worse than expected," said Ilya Spivak of Tasty Trade.
The dollar fell
He added: The dollar may decline and this will boost gold a little.
As for other precious metals, silver fell 0.6% to $22.60, platinum lost 0.2% to $1,000.67, while palladium settled at $1,844.20.
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