Singapore: The price of gold experienced a fifth consecutive decline on Thursday, reaching its lowest point in eight weeks. This downward trend was primarily attributed to a stronger US dollar and an increase in Treasury yields, amidst uncertainties regarding the speed of the Federal Reserve's interest rate reductions.
Spot gold prices decreased by 0.6% to $2,559.39 per ounce, marking its lowest value since September 19.
Similarly, US gold futures saw a decline of 0.9% to $2,564.00.
The US dollar reached a one-year high, thereby making gold more costly for international purchasers, while Treasury yields soared to their highest level since July.
Furthermore, data disclosed on Wednesday indicated that consumer prices in the United States increased as anticipated in October.
Spot silver experienced a decrease of 0.9% to $30.05 per ounce, marking its lowest level since September 19, 2024.
Platinum suffered a loss of 0.5% to $933.10, while palladium saw a decline of 0.8% to $925.75.
