After Fed Chair Jerome Powell's forecast of a slowdown in interest rate hikes, which caused a rally in the metals markets, gold prices are rising on Thursday.

The dollar is declining after Federal Reserve Chairman Jerome Powell’s speech. He confirmed Wednesday that the Federal Open Market Committee (FOMC) might scale back the pace of the interest rate hikes at its December meeting.

According to Carley Garner, co-founder of DeCarley Trading, if the U.S. Fed stays hawkish on interest rates, it could disappoint markets and provide a number of opportunities to buy precious metals.

The head of the International Energy Agency said Tuesday that OPEC+ must consider the very fragile state of the world economy when considering larger supply cuts at an upcoming meeting.

As TD Securities economists predict, during the next months the price of gold will fall to $1,600 and below. Nevertheless, in the second half of next year, the metal will surpass the $1800 mark.

According to new data, headline growth of Canadian economy in the third quarter turned out to be stronger than expected.

According to strategists of TD Securities, silver prices will continue to decline in the near future. The precious metal will gradually begin to recover at the end of 2023, and by the end of 2024 its price might even rise to $23 or more.

Reuters reports that OPEC+'s decision to set a meeting on Dec. 4 may indicate no changes to the organization's policy in the coming days.

According to the forecast of JP Morgan analysts, the Bank of England will lift the bank rate to 4.25% by the first quarter 2023.

Japan’s industrial output showed negative growth for the second month in a row due to the fall of global demand and ongoing supply issues. All of these factors have a negative impact on the Japanese producers’ activity.