GOLD precious metals continue to decline
Today's world gold price listed on Kitco is at 1,968 USD/ounce, down 11 USD/ounce compared to early yesterday morning.
Precious metal prices continued to decline as the USD in the international market increased sharply. The DXY index, which measures the movement of the USD against a basket of 6 major currencies, increased from 105 points to 105.7 points.
The USD's strong recovery has taken away gold's appeal for buyers holding other currencies.
Carlo Alberto De Casa, market analyst at Kinesis Money, said the gold market is waiting for more dovish signals from the US Central Bank before recovering. He added that gold prices are consolidating after sliding into the overbought zone. Gold rose more than 7% in October as conflict in the Middle East boosted safe-haven demand.
Precious metal prices continued to decline as the USD in the international market increased sharply. The DXY index, which measures the movement of the USD against a basket of 6 major currencies, increased from 105 points to 105.7 points.
The USD's strong recovery has taken away gold's appeal for buyers holding other currencies.
Carlo Alberto De Casa, market analyst at Kinesis Money, said the gold market is waiting for more dovish signals from the US Central Bank before recovering. He added that gold prices are consolidating after sliding into the overbought zone. Gold rose more than 7% in October as conflict in the Middle East boosted safe-haven demand.
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