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Gold compensates for its loss amid the decline of the dollar

News Date: 22/11/2022 01:51:46


Crude oil prices collapsed at the end of yesterday’s trading, following news of the OPEC + group’s tendency to increase production at the next December meeting.


At that time, oil prices plunged by more than 5%, to their lowest levels since last December, as US Nymex crude fell below $76 a barrel, while Brent, the benchmark, fell below $83.


The main indices on Wall Street ended yesterday’s trading in decline, as the Standard & Poor’s 500 index fell by 15.22 points, or by 0.38%, to close at 3950.29 points, while the Nasdaq index fell by about 121.11 points, or 1.09%, to 11024.54 points. The Dow Jones industrial average fell 42.21 points, or 0.13 percent, to 33,703.48 points.


The price of gold rose with the decline of the dollar, while the focus of investors turned to the US  Federal Reserve meeting for the month of November in search of guidance on raising interest rates in the future, and they went to buy the dollar as a haven for those who amid new restrictions to combat the virus in China.


And gold rose in instant transactions, by 0.4%, to $ 1745.13 an ounce. Gold futures contracts in the United States also increased by 0.4% to $1,746.00.

Expectations : the interest rate is expected to increase by 50 basis points at the next Fed policy meeting on December 13-14.

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