Gold prices declined about 0.5% to just below $2,650 an ounce after Richmond Federal Reserve President Thomas Barkin spoke during an economic conference Wednesday and said there is “still work to do on inflation.”
Last week, traders anticipated a 50 basis point cut during the upcoming Nov. 7 FOMC meeting; however, that sentiment has shifted to expecting a smaller quarter-point reduction.
Featured Partners (Ad)
The Fed reportedly lowered interest rates at last month’s meeting after a weakening job market and improving inflation data had been monitored.
More U.S. jobs data, including nonfarm payroll, unemployment rate, and hourly wages, will be reported on Friday before the market opens.
Silver prices on Thursday were down more than 1% and trading in the $31.45 range.
Zain Vawda, market analyst at Marketpulse by OANDA, told Reuters, “While there was some safe-haven buying following the announcement of the Iranian attack, the possibility that rate cuts might not be as aggressive as anticipated likely limited the gains and continue to do so.”
But some investors are still expecting notable increases in the price of precious metals amid numerous tailwinds, including heavy central bank buying related to de-dollarization efforts and economic easing cycles.
“Previously, we would suggest that 15% of one’s investment should go to gold,” said Bhargav Vaidya, a gold analyst. “But, now, since gold prices have started to give 18 to 20% return annually, the investment should go up to 25%.”
But some analysts are suggesting the U.S. dollar’s recent short-term strength has cooled off potential gains seen from a considerable escalation in the Middle East amid Israel’s fight against Hamas and Hezbollah.
The U.S. Dollar Index ($DXY) was moving higher for the fourth straight day on Thursday. Augusta Precious Metals $0 (10 Years) $50,000 "Best Overall" by Money Magazine, Award-Winning for 6 Years, Thousands of 5-Star Rankings Goldco Vary $25,000 Industry leader with over $2 Billion in gold and silver. Top rated precious metals company with buy back guarantee American Hartford Gold Vary $10,000 American Hartford Gold, ranked #1 Gold Company on Inc. 5000, boasts thousands of A+ BBB ratings and 5-star reviews, endorsed by Bill O'Reilly and Rick Harrison..Expand Details
Renowned for its exceptional customer service and commitment to transparency, Augusta Precious Metals has garnered numerous accolades, including "Best Overall" from Money magazine and "Most Transparent" from Investopedia. The company's dedication to educating and supporting its clients has earned it top ratings from organizations such as A+ from BBB and AAA from BCA.Expand Details
From precious metals iras to direct purchases of gold and silver, goldco have helped thousands of americans place over $2 billion in gold and silver. Top-rated precious metals company rated A+ by the better business bureau rated triple a by business consumer alliance earned over 6,000+ 5-star customer ratings Money.Com 2024 best customer service 2024 inc. 5000 regionals: pacific ranked #17 2024 gold stevie award, fastest growing company inc. 5000 award recipient, 8+ yearsExpand Details
With over $2 billion in precious metals sold, American Hartford Gold helps individuals and families diversify and protect their wealth. Their expert team provides investors with the latest market insights and a historical perspective, ensuring informed decisions. Trusted by public figures and praised for exceptional customer service, the company offers competitive pricing on top-tier gold and silver coins, backed by a 100% customer satisfaction guarantee