Gold falls with the rise of the dollar and investors await economic data

Gold prices fell on Thursday as the dollar rose, while investors awaited economic data amid expectations that the Federal Reserve may slow the pace of interest rate hikes after November.

And gold fell in spot transactions 0.1 percent to $ 1662.79 an ounce by 0952 GMT, and US gold futures fell 0.1 percent to $ 1666.70 an ounce.

The European Central has already raised interest rates at the fastest pace ever, and is expected to raise rates again on Thursday to combat the rise in inflation.

A majority of experts in a Reuters poll from Oct. 17-24 expected a further increase of 50 basis points in December. Increasing interest rates in the United States increases the opportunity cost of holders of gold, which does not yield a fixed return.

The dollar index rose 0.3 percent, making gold less attractive to buyers abroad.

As for other precious metals, silver fell 1.5 percent in spot transactions to $ 19.32 an ounce, and platinum fell 0.8 percent to $ 943.43, while palladium was little changed and settled at 1962.41 dollars.