Gold moved away from the lowest price level / New global gold price today, 23 Mehr 1405

The price of gold increased by more than 1% in the world market trading on Thursday under the influence of the weakening of the dollar and moved away from the lowest level of the last week that was recorded yesterday.

According to Ambassador Arjan, the price of gold per ounce for immediate delivery increased by one percent to $4,146 74 cents. The precious metal retreated to its lowest level since October 7 in Wednesday's trading.

The price of gold per ounce in the American futures market for delivery in December also increased by 1.5% to $4,167 and 30 cents.

The US dollar fell after hitting an 18-month high in overnight trade. A weakening dollar makes gold priced in US currency cheaper for holders of other currencies.

Kyle Ruda, senior financial market analyst at Capital.com, said: What we are seeing now are signs of market uncertainty regarding interest rate policy in the United States, which has led to a slight volatility.

He added: Gold is approaching a very important level, which is slightly below the $4,000 mark. If very strong economic data is released again and the view is formed that the Federal Reserve should raise interest rates relatively immediately, this level will become the focus of the market.

US consumer prices accelerated in September as gasoline prices rose sharply.

After the data was released, CME's Fed Watch tool showed traders now expect a 29 percent chance of a U.S. interest rate hike this month, up from 22 percent before the data was released.

Mary Daly, president of the Federal Reserve Bank of San Francisco, said that the US central bank will probably have to raise short-term interest rates again. However, he pointed out that there is no need to increase the interest rate in the meeting on October 27 and 28.

Michelle Bowman, one of the Federal Reserve officials, also said: the central bank has time to review the situation and wait before taking any further action.

Gold has traditionally been seen as a hedge against inflation, but higher interest rates have reduced the appeal of this interest-free asset.

According to a Reuters report, the market's attention is now focused on the producer price index (PPI) data and retail sales statistics, which are due to be released later today.

In the market of other precious metals, the price of silver per ounce for immediate delivery increased by 0.7% to 56 dollars and 1 cent. The price of one ounce of platinum increased by 1% to $1,608 and 20 cents, and each ounce of palladium increased by 1.3% to $1,108 and 14 cents.

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