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Gold is too much impacted by USD

Mohamed Abdelhamid 1 November, 2021 10:38 pm Commodities, Forex Market, Market Update

The yellow precious metal price is barely moving although the short term market situation is not in favour of gold.

On Monday, the troy ounce cost $1,788. Gold has been rather volatile recently and definitely shows an inverse correlation to the USD.

Gold price will fluctuate pretty much this week in anticipation of the awaited U. S. Federal Reserve Bank’s November meeting.

Fed is slowly moving towards the reduction of the QE program but this factor has already been included in the USD’s price. If Fed announces the QE reduction and hints at some more fiscal moves in the future, Gold may rise.

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