Forex. Gold exchange rate forecast for today
Gold showed moderate growth and is now trading near the $1,790 mark. In addition, the banking metal has formed a local maximum. The news background contributes to the growth, the dollar index declined following the results of the previous sessions. Market participants continue to expect that the US Federal Reserve System will let them know about the beginning of the curtailment of the stimulus program this month. Currently, attention is focused on the Fed meeting on November 2-3, following which the central bank is expected to announce a 15 billion reduction in the monthly bond purchase program worth $120 billion.
The signals of the US stock market support the demand for gold. US indexes declined on Monday under the influence of shares of Microsoft and other tech giants, and data showed that manufacturing activity in the US slowed in October amid supply disruptions.
According to a survey by the Institute of Supply Managers (ISM), the PMI index reflecting activity in the manufacturing sector of the US economy in October amounted to 60.8 points compared with 61.1 a month earlier. The indicator of new orders fell to a 16-month low, and delays in the supply of raw materials continued at enterprises.