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Indonesia News Portal for Traders | Financial & Business Updates

13 November 2024 03:39  |

Dollar rally pushes gold to near two-month low as traders await Fed cues

Gold prices fell to nearly a two-month low on Tuesday in the face of a stronger dollar, optimism about economic growth under a second Trump administration, and a broader market pivot following the Nov. 5 U.S. presidential election.

Spot gold was down 0.7% at $2,600.93 per ounce by 2:23 p.m. EST (1923 GMT), after dropping 1% to hit its lowest level since Sept. 20 at $2,589.59 earlier in the session. U.S. gold futures GCv1 settled 0.4% lower at $2,606.30.

Markets are watching a heavy slate of U.S. economic data this week, including the release on Wednesday of the consumer price index for October, along with remarks from Federal Reserve Chair Powell and other U.S. central bank officials.

Spot silver rose 0.2% to $30.72, platinum lost 2% to $945.39 and palladium fell 3.5% to $946.59.

Source: Reuters

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