Upcoming event may shift gold and dollar balances
Markets expect the U.S. Federal Reserve to keep the key interest rate unchanged in its upcoming meeting, after last month’s data showed a decline in labor market jobs, along with unexpected inflation and worse-than-expected retail sales. As a result, gold prices rose significantly, with the spot price per ounce increasing to $4,431.09, while the dollar index declined, making the precious metal more affordable for investors using other currencies. Other precious metals, such as silver and platinum, also saw gains.
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