OctaFX | OctaFX Forex Broker
Open trading account

Gold falls to lowest level in 5 years

FXStreet (Córdoba) - Gold prices fell to its lowest level since 2010 on Tuesday as the dollar continued to strengthen following an inflation report which showed US CPI grew in line with expectations in October.

Following a failed recovery attempt which was capped by the $1,100 area on Monday, the yellow metal resumed the drop and recently hit its lowest level since February 2010 below $1,067 an ounce.

The metal is on track to post its sixth daily loss in a row, having fallen each day but one since October 28.

Gold prices are likely to remain under pressure amid growing expectations the Federal Reserve will raise rates as soon as December, with next bearish target seen at $1,044 an ounce, which was the 2010 trough.

US Core CPI showed inflation gradually firm, but enough for the FOMC? – Wells Fargo

According to economists from Wells Fargo today’s inflation data from the US showed gradual firm core CPI numbers that should boost Federal Reserve confidence.
Read more Previous

NZD/USD: downside prevails below 55 DMA

NZD/USD is currently trading at 0.6460 with a high of 0.6498 and a low of 0.6452.
Read more Next
Start livechat