On Monday, gold prices declined, nevertheless remaining near the record values reached last week. Despite the correction, the precious metal ends the quarter with the strongest growth in the last eight years, due to the decision of the US Federal Reserve to significantly reduce interest rates and expectations of a new cut in November. Today, the spot price of gold decreased by 0.2%, reaching $2,659 per ounce. December gold futures fell 0.3% to $2,675. For the current quarter, gold has risen in price by 14%, which is the best indicator since January 2016. In September, the metal rose by 6%, reaching a maximum of $2,685.42 on Thursday amid a 0.5% Fed rate cut, measures to stimulate the Chinese economy and the conflict in the Middle East. «Gold could reach $2,700 if U.S. employment data this week confirms expectations for further Fed rate cuts of 75 basis points by the end of the year,» said Tim Waterer, chief analyst at KCM Trade. Key employment data from ADP and reports on the non-agricultural sector are expected this week, which may clarify the state of the American labor market. Fed Chairman Jerome Powell will also speak today. «If Powell signals a further rate cut, the dollar may weaken, which will again support gold prices,» Waterer added. In the other metals market, silver fell 0.4% to $31.49 per ounce, remaining on track for quarterly growth of 8%. Platinum declined 0.1% to $999.35, while palladium rose 0.1% to $1,012.50. Both metals also show quarterly growth.
RÁPIDOS ENLACES
Contáctenos 
