Gold declines with the rise of the dollar and anticipation of US inflation data
Gold prices fell to their lowest level in more than two weeks on Tuesday, coinciding with the rise of the dollar, and investors awaiting the release of inflation data in the United States tomorrow, Wednesday.
By 14:11 GMT, gold in spot transactions fell 0.6% to $1,909.50 per ounce, recording its lowest level since August 25, and US gold futures contracts also fell 0.8% to $1,932.60 per ounce.
“People are exiting the market and waiting for the data, and perhaps buying gold at a lower price because there is still (some) safe buying in gold,” said Bob Haberkorn, chief market strategist at RJO Futures.
What makes gold more expensive for holders of other currencies is the rise in the dollar index by 0.3% before the release of US consumer price index data scheduled for tomorrow, Wednesday, which may affect the decision of the Federal Reserve (the US central bank) regarding interest rates.
According to a Reuters poll, the inflation rate in the United States rose 0.6% in August, compared to 0.2% the previous month.
As for other precious metals, silver fell about 0.7% to $22.91 per ounce, while platinum rose 1.2% to $908.96, and palladium advanced 0.7% to $1,225.79.
(Reuters)
2023-09-12 16:35:56
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