# Gold retreats on strong dollar, fading hopes of big US rate cut

> Gold fell 0.2% to $2,648.21 per ounce as the dollar strengthened and traders priced a smaller Fed rate cut. Markets saw an 86% chance of a quarter-point cut at the next meeting.

- Date: 2024-11-01 · published 2024-11-01T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/27758-gold-retreats-on-strong-dollar-fading-hopes-of-big-us-rate-cut
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer dollar tends to pressure dollar-denominated commodities. This is routine precious metals trading with no feed-specific supply change.

## Read by commodity

- DXY: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/gold-inches-lower-us-jobs-data-cements-bets-smaller-rate-cut-2024-10-07/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.