The rise of gold, the fall of the dollar and the...

The rise of gold, the fall of the dollar and the...
The rise of gold, the fall of the dollar and the...

Gold rose, with US bond yields and the dollar falling, while the price of the most popular cryptocurrency “Bitcoin” fell to its lowest level in 10 days.

At the conclusion of Wednesday’s volatile session, gold prices rose, supported by the fall of the dollar, and the decline in US Treasury yields.

The precious metal’s gains were limited by the strong appetite for risk in the stock markets.

Gold price hike today

And the price of gold in spot transactions, by 0.2% to $ 1796.55 an ounce (an ounce) by 17:47 GMT, after declining by about 0.6% earlier in the session, according to Reuters.

US gold futures rose 0.3% to settle at $1,798.80.

And gold got support from the decline of the dollar index, by 0.1% against a basket of 6 major currencies.

US bond yields fall

US 10-year bond yields also fell to their lowest level in nearly two weeks, which reduces the opportunity cost of buying non-yielding gold.

Market players’ attention has now turned to the European Central Bank meeting scheduled for Thursday, and the US Federal Open Market Committee meeting on November 3.

Other precious metals

As for other precious metals, silver fell in spot transactions, by 0.1% to $ 24.10 an ounce.

While platinum fell by 1.4 percent to $ 1013.50, and palladium fell by 2.6 percent to $ 1959.17.

Canada stabilizes the currency markets

The major currencies stabilized again, in trading Wednesday, after surprising statements from the Bank of Canada, which sparked a wave of volatility in the markets that were relatively calm.

The moves sent the US dollar index down 0.1% to 93.8240.

dollar fall

The US dollar initially fell 0.7%, against its Canadian counterpart, after the Bank of Canada hinted that it might raise interest rates sooner than thought.

The moves, however, subsided, and the US currency fell 0.4% against the Canadian dollar.

Prior to the announcement, the Canadian dollar had fallen to its lowest level in nearly two weeks against its US counterpart.

Exchange Rate Forecast

“We’re going to see more exchange rate volatility and swing here,” said Ed Moya, senior market analyst at Wanda.

He added, that dealers have different expectations regarding inflation in each region.

The Bank of Canada’s comments may be the first catalyst for new assessments of how interest rates are changing, and the impact on currencies, as central banks try to support the recovery from the pandemic without fueling inflation.

Major currency rates

The euro was last traded, up 0.1%, at $1.1607.

And the Australian dollar rose, by 0.3% to $ 0.752, after it had jumped 0.4%, after data showed that core inflation in Australia rose to a 6-year high last September, which surprised the market.

It led to a sharp rise in short-term bond yields.

Against the yen, the US dollar fell 0.3% to 113.7950, remaining within its recent swing range near its four-year high of 114,695 yen hit a week ago.

And sterling fell 0.1%, to 1.3740 dollars, after the British finance minister revealed the expectations for the country’s budget.

Bitcoin decline

With regard to cryptocurrencies, the price of Bitcoin fell to $58,100, reaching its lowest level in a week and a half, in a move that traders attributed to profit taking after the currency recorded an all-time high of $67,016,000 last week.

The currency has since fallen more than 13% but is still on track for its best monthly performance since February.

Bitcoin fell, in trading Wednesday, by 3% to $ 58,634.

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