Gold prices decline in global markets

Gold prices declined in global markets on Wednesday (October 7), as a stronger US dollar and investor caution ahead of the Federal Reserve’s meeting minutes weighed on bullion demand.

Spot gold fell 0.8% to $4,130.37 per ounce by 12:27PM Bangladesh time, while US gold futures declined 0.7% to $4,157.

Investors are closely watching the Fed minutes for signals on the central bank’s monetary policy and interest-rate outlook. A stronger dollar and higher Treasury yields can reduce demand for gold, which does not pay interest.

Market analyst Frank Wallbaum told Reuters that the recent weakness in gold prices could be temporary, with the market remaining broadly stable.

Other precious metals also declined. Silver fell 1.9% to $60.54 per ounce, platinum dropped 1.3% to $1,679.20 and palladium declined 1.5% to $1,154.35.