Forex. Gold exchange rate forecast for today
Zolto is trying to turn against an established upward trend. However, the trades are more speculative in nature. During the week, market participants have been buying a protective asset against the background of excessive inflation and the unwillingness of Central Banks to raise interest rates in the near future.
In addition, gold was able to overcome the autumn resistance level around $ 1,834 per ounce. This suggests that the strength of consumer interest is at a fairly high level.
US stock indexes are declining after the publication of statistical data showing a significant acceleration of inflation in the US last month. At the close of the New York Stock Exchange, the Dow Jones fell by 0.60%, the S&P 500 index fell by 0.82%, the NASDAQ Composite index fell by 1.66%.
According to the Labor Department, U.S. consumer prices in October increased by 6.2% compared to the same month last year. This is the maximum pace in almost 31 years. The market is closely following the US inflation data, as they are key for the Federal Reserve System (FRS) to make decisions on the further direction of monetary policy.