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The price of gold fell below $5,000 an ounce as traders booked gains after a rise in the previous session, prompted by fading inflation data in the United States.
The yield of iron ore metals fell to 1.5% after rising by 2.4% on Friday, while a slight increase in the US live price index over the past year has changed the fear of a larger decline. This prompted the certainty that the Federal Reserve would lower the multi-hundred rate – a factor that encourages high-value metals to not generate high-cost income.
Finally, the current price of gold soared to a record level of over $5,595, a spate of speculative purchases pushed it to a critical point, and the first sharp fall on the beginning of the month pushed the metal lower $4,500 In the wake of volatile trading, gold had recovered about half of its losses that hour.
In China, markets will be closed this year due to the New Year's Eve holiday on the monthly calendar. The demand for high-value metals in the last few months has become significant, prompting the authorities of the mining center of Shenzhen to come out with a series of warnings about “illegal activities in the gold trade.”
Sriblo fell in price by 2.1% to $75.82 per ounce. Platinum and palladium also traded lower. The Bloomberg Spot Dollar Index, an indicator of the US currency exchange rate, ended the previous session down 0.1%.
As it was reported, Russia was recovering from unsatisfied surpluses due to the recent increase in light prices for gold after the outbreak of a full-scale war in Ukraine - these surpluses were combined with the sums of sovereign assets, frozen by Europe through sanctions.
The value of gold in the reserves of the Bank of Russia has increased by $216 billion since 2022. At the same time, the Russian central bank continued to suffer from both large-scale purchases of expensive metals and the decline in existing gold reserves.#GOLD #XAU #PAXG #Silver
$XAU
{future}(XAUUSDT)
$XAG
{future}(XAGUSDT)
$PAXG
{spot}(PAXGUSDT)
The yield of iron ore metals fell to 1.5% after rising by 2.4% on Friday, while a slight increase in the US live price index over the past year has changed the fear of a larger decline. This prompted the certainty that the Federal Reserve would lower the multi-hundred rate – a factor that encourages high-value metals to not generate high-cost income.
Finally, the current price of gold soared to a record level of over $5,595, a spate of speculative purchases pushed it to a critical point, and the first sharp fall on the beginning of the month pushed the metal lower $4,500 In the wake of volatile trading, gold had recovered about half of its losses that hour.
In China, markets will be closed this year due to the New Year's Eve holiday on the monthly calendar. The demand for high-value metals in the last few months has become significant, prompting the authorities of the mining center of Shenzhen to come out with a series of warnings about “illegal activities in the gold trade.”
Sriblo fell in price by 2.1% to $75.82 per ounce. Platinum and palladium also traded lower. The Bloomberg Spot Dollar Index, an indicator of the US currency exchange rate, ended the previous session down 0.1%.
As it was reported, Russia was recovering from unsatisfied surpluses due to the recent increase in light prices for gold after the outbreak of a full-scale war in Ukraine - these surpluses were combined with the sums of sovereign assets, frozen by Europe through sanctions.
The value of gold in the reserves of the Bank of Russia has increased by $216 billion since 2022. At the same time, the Russian central bank continued to suffer from both large-scale purchases of expensive metals and the decline in existing gold reserves.#GOLD #XAU #PAXG #Silver
$XAU
{future}(XAUUSDT)
$XAG
{future}(XAGUSDT)
$PAXG
{spot}(PAXGUSDT)
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