The price of gold is fluctuating again, which is in the range of $1,793.70-1,801.03 per ounce. After last night, the price rose to a high of $1,810.19 per ounce. This was driven by the depreciation of the dollar.
However, gold came under pressure after the yield on 10-year U.S. government bonds rose again to 1.569%. Japanese industrial production contracted by 5.4% in September. Industrial production posted a record decline for the third consecutive month, after falling 3.6% in August and 1.5% in July.
Yet gold prices continue to be pressured by bitcoin’s renewed rise above the $61,000 mark.
South Korean industrial production rose by 1.3% in September, while retail sales, which reflect private consumption, increased by 2.5%.
Today, investors are waiting for the U.S. economic data, personal income and spending, and consumer confidence index.