Gold price today

Dear friend, Today, the price of gold in the market has fallen after reaching its highest level in the overnight trading session at $2,050 per ounce, marking the most significant decline in three weeks.

The drop in gold prices is due to a sharp decrease in the number of US workers filing for unemployment benefits for the first time in the last week of 2023.

On the other hand, gold prices are at risk of further declines as the US Federal Reserve recently signaled its readiness to cut interest rates at the end of the new year. The minutes of this meeting indicate that the rate-cutting cycle is likely to be longer than expected. This is putting significant pressure on the gold market.

Furthermore, gold prices are under pressure due to the upward trend of the US dollar. However, analysts believe that while the strength of the US dollar today is partly responsible for the decline in gold prices, it is not the main factor.

Therefore, it is crucial to closely monitor important market news to grasp the trends of this precious metal in the coming period.

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