Mubasher: Gold Prices declined by the end of Tuesday’s trade, registering its biggest daily loss in around four weeks, due to the recent gains by the US dollar, and the jump in the American stock market.
This comes amidst anticipation of the new Federal Reserve policy, as US president Donald Trump will likely announce his pick for the position early next month, as the term of current chair Janet Yellen will expire in February.
Gold futures dropped 1.3%, and reached the level of $1,286.3 per ounce, its lowest since 9 October.
The USD gains was made on the back of positive reports on a rise in US manufacturing output, which is showing signs of recovery from the negative impacts caused by hurricanes Harvey and Irma that are seemingly fading away.
Meanwhile, Dow Jones surpassed the level of 23,000 points for the first time in its history during Tuesday’s trading session.
