Gold Prices Dip Amid Eased Middle East Tensions and Stronger Dollar

Gold prices slipped from near-record highs in Asian trading on Monday as reduced fears of a wider Middle Eastern conflict lessened the demand for safe-haven assets.

Traders showed a preference for the U.S. dollar, driven by the anticipation of the 2024 presidential election, which is now only a week away. The dollar was further buoyed by expectations of heightened political uncertainty in Japan, following the loss of a parliamentary majority by the ruling Liberal Democratic Party coalition in a weekend election.

Spot gold dropped 0.7% to $2,729.65 an ounce, while December gold futures fell 0.5% to $2,741.80 an ounce as of 00:11 ET (04:11 GMT).

Middle East Concerns Ease Following Israeli Strike

Concerns over a broader conflict in the Middle East eased after Israel’s weekend strike on Iran avoided targeting the country’s oil and nuclear facilities. Although Iran threatened retaliation, its leaders played down the strike’s impact. Tensions had previously surged after an early October strike by Israel, stoking fears that an escalation affecting Iran’s oil or nuclear infrastructure would severely destabilize the region. This fear had fueled gold demand as a safe haven over the past month, keeping the metal near recent highs.

Further uncertainty surrounding the U.S. presidential election is expected to increase safe-haven demand, especially with recent polls indicating a tight race between Donald Trump and Kamala Harris. However, the dollar appears to be the main beneficiary of this uncertainty.

Other Precious Metals Decline Amid Stronger Dollar

The dollar’s strength weighed on other precious metals. Platinum futures fell 0.8% to $1,026.90 an ounce, while silver futures dropped 1% to $33.435 an ounce.

Copper Prices Retreat as Markets Await Economic Data

Industrial metal prices, particularly copper, saw declines on Monday as attention shifted to upcoming key economic indicators.

Benchmark copper futures on the London Metal Exchange dipped 0.6% to $9,520.50 a ton, while December copper futures fell 0.7% to $4.3373 a pound. Copper has experienced sharp losses throughout November, as traders were largely disappointed by China’s latest stimulus measures, despite the nation being the world’s top copper importer.

Economic data from the weekend showed a sharp decline in China’s industrial profits in September. Additional purchasing managers index (PMI) data from China, due later in the week, will offer more insight. Meanwhile, GDP data from the U.S. and the eurozone is also expected this week, along with PCE price index data, the Federal Reserve’s preferred measure of inflation.

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