Gold prices rose to a near four-week high Oct. 23 before retreating, after the U.S. dollar increased and investors cashed in earlier gains.
Gold prices rose to a near four-week high Oct. 23 before retreating, after the U.S. dollar increased and investors cashed in earlier gains. The market continues to speculate the Federal Reserve won’t begin tapering the stimulus program due to a weaker-than-expected jobs report.
Spot gold prices lost $7.99 to $1,332.46 an ounce today, Reuters reported. Gold futures for December delivery also declined $10.90 to $1,331.70 an ounce.
A day before, spot prices were at $1,344.46 an ounce, marking their highest level since Sept. 20, Reuters reported.
A US jobs report issued Oct. 22 showed the economy added fewer jobs than expected in September, which pushed gold prices up. David Lennox, a resource analyst at Fat Prophets in Sydney, told Bloomberg the market is likely to be fairly comfortable with the fact the Fed will not taper its stimulus in the foreseeable future.