The price of gold today, November 1st, experienced a significant decline on the global market due to the rise in the value of the US dollar against several other currencies, while US stocks continued to increase.
Gold failed to surpass the resistance level of $2,010 per ounce, resulting in a loss of several dollars per ounce overnight. As of 6:00 AM on November 1st, the price of gold dropped to $1,985 per ounce and is currently still decreasing at $1,978.
The gold market weakened after the decline in consumer confidence index in the United States. This has led to an increased demand for holding USD, causing its value to rise sharply and negatively impacting gold.
Gold failed to surpass the resistance level of $2,010 per ounce, resulting in a loss of several dollars per ounce overnight. As of 6:00 AM on November 1st, the price of gold dropped to $1,985 per ounce and is currently still decreasing at $1,978.
The gold market weakened after the decline in consumer confidence index in the United States. This has led to an increased demand for holding USD, causing its value to rise sharply and negatively impacting gold.
