Gold prices stabilize as markets await key monetary policy announcements
2023.11.01 09:02
© Reuters.
Gold prices steadied on Today, with holding at $1,982.84 per ounce and U.S. experiencing a minor decline of 0.2 percent to stand at $1,991.35. The stabilization comes as market participants eagerly anticipate key monetary policy announcements from the Federal Reserve and the Bank of England.
The consolidation of gold prices follows a surge last month due to heightened tensions in the Middle East. The escalation was amplified by Israeli airstrikes in the Gaza Strip that resulted in 50 Palestinian casualties, including a Hamas commander. Israel’s Prime Minister Benjamin Netanyahu confirmed the ongoing conflict with Hamas.
Investors are now turning their attention to potential interest rate changes and U.S. manufacturing activity, construction spending, and job openings data amid fears of an impending recession. They are particularly keen on insights from Fed Chair Jerome Powell regarding possible adjustments to interest rates.
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