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BackNot good for gold! Slump hits 1 record low, experts reveal "future direction"
Not good for gold! Slump hits 1 record low, experts reveal "future direction"
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自由时报1 hour agoBusiness1 min readChinaView original

Not good for gold! Slump hits 1 record low, experts reveal "future direction"

goldgold priceFederal Reserve

Quick Look

  • International gold prices fell 1.2% on Wednesday (7th), with spot gold trading at $4,113.89 per ounce, hitting the lowest since August 5.
  • The market expects that the U.S.
  • Federal Reserve will keep interest rates unchanged, but expectations for interest rate increases are still high.

AI-generated summary

Why It Matters

The market is paying close attention to the U.S. Federal Reserve's interest rate decisions, and interest rate expectations and the trend of the U.S. dollar directly affect precious metal prices.

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Gold prices fell on Wednesday (7th). (Bloomberg file photo)

[Financial Channel/Comprehensive Report] The price of gold fell to a two-month low on Wednesday (7th), and experts said that the price of gold may test another decline, possibly as low as $4,000, and then rebound before the end of the year.

Spot gold fell 1.2% to $4,113.89 an ounce, hitting its lowest level since August 5.

Please read on...

U.S. gold futures fell 1.1% to $4,140.70 an ounce.

"Reuters" reported that the market expects the U.S. Federal Reserve (Fed) to keep interest rates unchanged later this month, but according to the CME Group's FedWatch tool, market pricing still shows an 85% chance of the Fed raising interest rates in December.

"I think the Fed's message is that rates are going to stay high for a longer period, which is keeping yields and the dollar supported," said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Kansas City Federal Reserve President Jeffrey Schmid said further interest rate increases may be needed to curb inflation. San Francisco Federal Reserve President Mary Daly also said that the direction of monetary policy will depend on whether inflationary pressures persist.

Grant said: "Official gold demand is the main supporting factor. I think gold prices may test another decline, perhaps as low as $4,000, and then rebound before the end of the year, with a chance to rise to $4,400."

Other precious metals trading:

Spot silver fell 3% to $59.86 an ounce.

Spot platinum fell 3.9% to $1,635.04 an ounce.

Spot palladium fell 4% to $1,125.70 an ounce.

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What to Watch

AI outlook — possibilities, not facts

  • Gold prices may test decline again, falling as low as $4,000

    Possible · Within weeks

  • Gold prices may rebound to $4,400 before the end of the year

    Possible · Within months

Open Questions

  • Will the Fed really raise interest rates in December?
  • If gold prices fall below $4,000, will official demand provide enough support?
  • How will the subsequent trend of the U.S. dollar index affect precious metals?

Related Topics

gold
PeoplePeter GrantJeffrey SchmidMary Daly
OrganizationsZaner MetalsFederal Reserve Bank of Kansas CityFederal Reserve Bank of San FranciscoFederal Reserve (Fed)
PlacesUnited States
Topicsgold priceFederal Reserveinterest ratesilverPlatinumPalladium
This article was originally published by 自由时报.

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