{"id":134236,"date":"2024-10-09T09:05:47","date_gmt":"2024-10-09T09:05:47","guid":{"rendered":"https:\/\/kinesis.money\/?p=134236"},"modified":"2024-10-09T09:05:47","modified_gmt":"2024-10-09T09:05:47","slug":"gold-falls-biweekly-low","status":"publish","type":"post","link":"https:\/\/kinesis.money\/nl\/market-analysis\/gold-news\/gold-falls-biweekly-low\/","title":{"rendered":"Gold Price News: Gold Falls to Two-Week Low"},"content":{"rendered":"\n

Gold prices fell on Tuesday, coming under pressure from a recent strengthening of the US dollar and news that China\u2019s central bank had bought no further gold in September.<\/p>\n\n\n\n

Prices eased as low as $2,606 an ounce<\/a> on Tuesday, down from around $2,645 an ounce in late trades on Monday. The market had looked fairly well supported through the morning session in Europe, but prices came under selling pressure by mid-afternoon.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n\n\n\n

The US dollar has rallied against other major currencies in the first few days of October, and continued to hold its ground this week. This creates a bearish element for dollar-denominated gold prices as it makes the precious metal more expensive for buyers in other currencies, denting demand.<\/p>\n\n\n\n

In addition, the gold market appeared to take a dim view of the latest update from China\u2019s central bank, which again made no additions to its official gold holdings in September for the fifth month in a row, according to news reports on Tuesday. Since central bank buying has been a major support for gold prices earlier in 2024, a lack of buying by China is a negative factor for prices. This can also be taken as a sign that even the major central banks may have a degree of price sensitivity in their strategic purchasing \u2013 part of efforts to diversify reserves away from fiat currencies.<\/p>\n\n\n\n

Despite the modest pull-back, expectations of lower interest rates and ongoing geopolitical tensions suggest the backdrop for gold is likely to remain supportive over the long term.<\/p>\n\n\n\n

Looking ahead, the markets will be watching out for several speeches by US Fed officials on Wednesday, followed by Thursday\u2019s US inflation rate for September and weekly initial jobless claims figures, all of which may offer further clues on the outlook for monetary policy in the coming months.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience<\/a> covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\n<\/i><\/p>\n

Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold prices fell on Tuesday, coming under pressure from a recent strengthening of the US dollar and news that China\u2019s central bank had bought no further gold in September.<\/p>\n","protected":false},"author":50,"featured_media":134269,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-134236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Falls to Two-Week Low | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold price news analysis for today, Wednesday 9th of October 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"nl_NL\" \/>\n<meta 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