Gold stabilizes as bond yields and the dollar fall

Gold prices stabilized yesterday, Wednesday, affected by the decline in the dollar, and the decline in US Treasury bond yields, which supported the purchase of the metal as a safe haven ahead of the central bank meetings, this week.

The price of gold in immediate transactions 0.1% to 1784.66 dollars an ounce (an ounce) during trading, after falling by 0.6% earlier in the session.

US gold futures fell 0.1% to $1,791.40.

The dollar index fell 0.1% while US 10-year bond yields fell to their lowest level in a week, reducing the opportunity cost of buying non-yielding gold.

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

The Bank of Japan is set to maintain its massive stimulus program and cut its inflation forecasts this year, but inflation concerns in the Eurozone may present a challenge to the European Central Bank.

As for other precious metals, silver fell in spot transactions 0.2% to $ 24.08 an ounce. Platinum fell 0.6 percent to $ 1021.22, while palladium fell two percent to $ 1971.37. (Reuters)

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