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Gold ends the week with the worst performance in three years

November, 15 2024
watermark Economic news

Gold ends the week with a drop, reaching the lowest level in the last three years. The market value of the precious metal has been declining throughout the week and has lost more than 4% of its value. Spot gold is currently trading at $2,561 per ounce.


Experts believe that the decline in the value of gold is due to a strong dollar and expectations of a stricter US monetary policy under Trump. Also, high interest rates make gold less attractive to investors.


Comments by Fed Chairman Jerome Powell, in which he stressed the need for caution in rapidly lowering rates, also affected market sentiment.


Perhaps the price of gold will rise in the future and reach the $ 2,600 mark again, but the coming week will show how the market will be affected by reports on retail sales in the United States and statements by representatives of the Fed.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.