Markets are likely to remain on hold until the Fed’s decision, and with rate hikes largely priced in, it will take a smaller or larger unexpected move to impact them, said Rupert Rowling, an analyst at Kinesis. Money.
The dollar index rose 0.3%, while benchmark 10-year Treasury yields remained above the 4% threshold, making gold less attractive to holders of other currencies.
The Federal Reserve is expected to make a fourth consecutive hike of 75 basis points at its monetary policy meeting on November 1-2. Interest rate hikes in the United States increase the opportunity cost of holding gold bullion, which does not earn interest.
Among other precious metals, spot silver fell 0.8% to $19.07 an ounce, platinum fell 1.65% to $929.70 an ounce, but headed for its biggest monthly gain since February. In 2021, palladium rose 0.6% to $1,910.50 an ounce, but was headed for its biggest monthly drop since May.
Source: Ambito
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