gbp will regain its position after a period of weakness

The downward trend continued to follow the market after the FED announced the much-awaited decision to keep interest rates unchanged and FED Chairman Jerome Powell said that the agency is not currently considering cutting interest rates.

In the session of November 3, world gold prices increased in the context of a decrease in the USD and US Government bond yields due to speculation that the FED could complete the interest rate increase, while investors waited for data on the working in the US non-agricultural sector to get more clues.

Bob Haberkorn, market strategist at RJO Futures, said gold is supported when there are signs of "cracks" in the US labor market.

Overall gold prices rose more than 7% in October 2023 and surpassed the key level of $2,000 an ounce last week thanks to demand for safe assets amid growing unrest in the Middle East.