According to Khabaronline news agency, the price of gold per ounce for immediate delivery decreased by 0.6% to 4114 dollars and 48 cents. The price of gold per ounce in the US futures market for delivery in December increased by 0.2 to 4,123 dollars and 50 cents.
Isna wrote: Oil prices decreased in trading on Tuesday and continued the downward trend of the previous day.
Kyle Ruda, senior analyst of financial markets at “Capital.com” said: “The market is in some way fluctuating and correcting the price.” Prices have retreated after hitting highs in US trading, which could be due to profit-taking by investors.
Roda added: If the situation progresses in such a way that the US does not want to escalate the conflicts in the Middle East and the price of oil decreases in response to this situation, this issue can be very positive for gold, because it affects the value of the dollar, inflation and interest rate expectations.
On the other hand, Tom Barkin, president of the Richmond Federal Reserve, said on Monday: The US central bank should act cautiously in determining its monetary policy, because inflation remains the biggest risk facing the country’s economy. He added: He still does not have a clear scenario to make a decision in the December meeting.
According to CME’s Fed Watch tool, traders estimate an 84 percent chance of a rate hike in December.
Higher interest rates usually put downward pressure on gold prices because they increase the opportunity cost of holding gold without yield.
According to Reuters, investors are now awaiting the release of the US consumer price index (CPI) today and the producer price index (PPI) on Friday to get a more accurate assessment of the path of the US Federal Reserve’s monetary policy.
In the market of other precious metals, each ounce of silver decreased by 0.5% and reached 53 dollars and 14 cents. Each ounce of platinum remained unchanged and traded at the level of $1,576 and 44 cents, and each ounce of palladium also decreased by 0.2% to $1,039 and 47 cents.
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