Forex News

Gold has fallen in price on the eve of the Fed's decision

Gold prices fell on Thursday, and the US dollar traded in a narrow range because uncertainty about the US elections disappeared, and investors turned their attention to the Federal Reserve's monetary policy decision, which will be announced later that day.

No change in the Fed rate is expected, but traders will look for new clues as to whether there will be a rate increase in December.

The spot price for gold fell 0.28 percent to $ 1,222.78 per ounce, while US gold futures fell 0.20 percent to $ 1,223.70 per ounce.

Positive Chinese trade data also influenced the decline in gold prices. According to a government report, China’s exports and imports increased more than expected in October.

Exports increased by 15.6 percent in annual terms, while economists had forecast growth of 11.7 percent. Imports increased by 21.4 percent compared with the projected growth of 14.7 percent.

As a result, the trade surplus was $ 34 billion on a monthly basis, against the expected level of $ 35.1 billion.