Slight Decline in Gold Prices with Rising Dollar

SadaNews Economy - Gold prices have slightly decreased during trading on Thursday, November 20, amid a rising dollar and reduced bets on a Federal Reserve interest rate cut next month.

In terms of trading, the price of gold futures fell to $4,066.60 per ounce.

The dollar index has risen to its highest level in more than two weeks against major currencies, making gold more expensive for holders of other currencies.

According to the CME's FedWatch tool, traders are now almost 33% expecting a rate cut at the central bank's meeting on December 9 and 10, down from 49% on Wednesday.

Gold, which does not yield returns, typically rises in a low-interest rate environment and during times of economic uncertainty.

Furthermore, the minutes from the Federal Reserve's meeting released yesterday warned policy makers that a rate cut could undermine efforts to combat inflation. The Fed had lowered the rate by a quarter point at both its meetings in September and October.

Attention is now focused on the U.S. non-farm payroll report for September, scheduled to be released later today after being postponed due to the recent U.S. government shutdown, with expectations that the data will provide further insights into the central bank's policy path.