Commodity News – Gold Price Technical Analysis – 18 November 2022
18 Nov 2022
Gold on track for weekly decline on hawkish Fed cues
Gold prices edged up on Friday, on a pullback in the dollar, but were still bound for their first weekly decline in three, weighed down by signals from U.S. central bankers that more interest rate hikes were on the way.
Spot gold inched 0.1% higher to $1,763.05 per ounce by 0633 GMT, set for a weekly decline of about 0.5%. U.S. gold futures were also 0.1% higher at $1,765.10.
Gold prices could remain volatile until there’s clear direction from the Federal Reserve, said Jigar Trivedi, an analyst with Mumbai-based Reliance Securities.
Offering some respite to gold, the dollar index, a rival haven, inched lower, making bullion cheaper for overseas buyers.
Gold continues to be supported by rising recession risks, the still-evolving Ukraine war, and the dollar peaking, Fitch Solutions said in a note.