The yellow metal is at its highest level in a month, supported by the decline in the dollar and bond yields Gold recorded slight increases this morning, Wednesday, the ninth of November, by about 0.05%, trading at levels of 1713 dollars per ounce, after gains of more than 2% yesterday, Tuesday, and an increase of about 35 dollars, to .

The yellow metal benefited from the decline in US bond yields, which pressured the US dollar, with high market expectations that the Fed will begin to slow the pace of monetary tightening at its next meeting in December, as expectations of future contracts rose, according to the CME FEDWATCH tool, that the Fed may raise interest rates by 50 basis points. To 55%, compared to 48% at the beginning of the week, while expectations of a hike fell by 75 basis points to 45%.

In a related context, market fears increased from the Democrats losing the House of Representatives and the Senate in the US midterm elections, which began on Tuesday, and the results will be counted with this morning, Wednesday, as opinion polls come in favor of the Republicans, which supported the gains of gold, which constitutes a safe haven in these cases.

The World Gold Council had stated in its report issued last week that purchases by central banks around the world rose by about 300% in the third quarter of this year compared to the third quarter of 2021, with the purchase of nearly 400 tons of gold between July and September in the largest increase Quarterly since 2000.

With the absence of strong economic data since the beginning of the week, the markets are awaiting the US inflation figures to be released tomorrow, Thursday, as the numbers will play a pivotal role in determining the Fed’s expectations for its next meeting, as estimates indicate a decline in inflation represented by the consumer price index in the United States of America to 7.9% in October, compared to 8. 2% in the September reading, and therefore expectations of a slowdown by the US Federal Reserve will increase the pace of interest rate hikes in December, and it is an additional matter that supports the gains of the yellow metal.

Silver, in turn, is trading at its highest level in five months, trading at $21.40 per ounce, up by 0.28%.

Platinum is trading at an increase of about 0.94%, when it is trading at levels of $1.006, while palladium is down by about 0.85%, when it is trading at levels of $1.904.