Gold Prices Drop as Dollar Strengthens

Gold prices witnessed a notable decline today, Thursday, coinciding with the rise in the value of the US dollar in global markets.

Investors are eagerly awaiting the release of inflation data in the United States, which is expected to shed light on the directions of the “Federal Reserve” regarding future interest rates.

In spot transactions, the price of gold fell by 0.3% to $4082.95 per ounce by 01:44 GMT, while US futures for December delivery rose by 0.8% to record $4097.40 per ounce.

The dollar index also rose by 0.1% against a basket of major currencies, reducing the attractiveness of the yellow metal to investors holding other currencies.

The US “Consumer Price Index” report is scheduled to be released tomorrow, Friday, after being postponed due to the government shutdown, and expectations indicate the stability of the core inflation rate at 3.1% in September.