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The Price Of Gold Once Approached The 1800 Mark

The Price Of Gold Once Approached The 1800 Mark

In the Asian market on Friday (November 5), the U.S. dollar index was basically stable and is now at around 94.35; spot gold continued its sharp rise in the previous trading day, and the current gold price is trading at around $1,795 per ounce. On Friday, investors will usher in the US non-agricultural employment report, which is expected to trigger major market conditions. Analysts pointed out that if the non-agricultural report performance is strong, this may hit the gold bulls. The Fed and the Bank of England said they are not in a hurry to raise interest rates, and the price of gold recorded its biggest one-day increase in three weeks on Thursday. Spot gold closed at US$1,79.88 per ounce, up US$22.35 or 1.26%, and hit a high of US$1,798.82 per ounce during the session. COMEX gold futures for December delivery closed up $29.60, or 1.7%, to $1,793.50 per ounce. The US Federal Open Market Committee (FOMC) issued a statement on Wednesday local time stating that it will begin to reduce the scale of bond purchases later this month. Fed Chairman Powell said after the meeting that starting to reduce debt purchases does not mean sending a signal to raise interest rates, and that the timing of interest rate hikes may be delayed.
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