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Gold Falls and Dollar Stabilizes in Fed Meeting Week

2018-11-05 10:23 am | Resource: NEWS | No Views : 208

 Gold prices fell as the dollar steadied on Monday as the strong US jobs report on Friday bolstered expectations of higher interest rates and investors increased trade tensions and geopolitical risks. With traders waiting for mid-US elections and the November Fed meeting scheduled for later this week.

The dollar remained buoyed after the Labor Department reported job growth in the United States rose sharply in October and wage growth accelerated at the fastest pace in more than nine years. The US Federal Reserve will start its two-day meeting on Wednesday as markets expect no interest rate change before the widely expected interest rate hike in December.

Investors focus on new US sanctions on Iran and summarize comments by Chinese President Xi Jinping In a speech earlier in the day, Xi promised to make Chinese markets more open to the world by lowering import tariffs.

Trade tensions between the United States and China remained under focus after China's weak services sector data overnight, raising fears of a slowdown in the world's second-largest economy. Hopes for an impending trade deal between Washington and Beijing have dimmed after an economic adviser to US President Donald Trump said late last week there were no such plans in business.

Gold prices fell on Friday as the dollar rose after the US jobs report, which was stronger than expected for October.
  • The dollar index, which measures the strength of the dollar versus a basket of six major currencies, was at 96.28
  • Gold futures for December delivery in the New York Mercantile Exchange fell 0.03% to $ 1232.9 an ounce by 04:20 GMT

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