Last updated on October 18, 2023
Gold prices declined on Monday, reaching their lowest point in nearly seven months. This drop was largely influenced by the strength of the US dollar. Traders were closely analyzing a crucial US inflation report and preparing for a series of job market data releases scheduled for the week.
The performance of gold was negatively impacted by the strength of the US dollar, which made the precious metal more expensive for holders of other currencies. As traders awaited the release of important job market data, they closely observed the US inflation report to gauge the potential impact on the economy. The outcome of these reports would provide insights into the Federal Reserve’s approach to monetary policy and could influence the demand for gold as a hedge against inflation.
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