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- The price of gold little changed today
The price of gold little changed today
Gold fell slightly in the course of today's trading, helped by the strengthening US dollar. Pressure on prices also having a growing expectation that the Fed will raise interest rates in coming months.
The US Dollar Index, showing the US dollar against a basket of six major currencies, traded with an increase of 0.3%. Since gold prices are tied to the dollar, a stronger dollar makes the precious metal more expensive for holders of foreign currencies.
Investors also await the publication of the Fed's September meeting minutes hoping to get signals about the pace of rate. Protocols are likely to confirm that the rate hike in December seems likely, but also to show that rates are likely to remain low in the future. Such a scenario is ambiguous for the dollar,.
According to the futures market, a hike in December has 69.5% probability.
Investors tend to buy gold as a hedge against political and financial uncertainty. Proof of this are the messages that the gold reserves in funds in general have stabilized this week above 57 million ounces.
The cost of the October futures for gold on the COMEX fell to $ 1253.0 per ounce.
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