© Reuters. Gold bars at a facility in West Point, New York, USA, in a photo from the Reuters archive.
(Reuters) – It fell on Monday due to a rise that makes the metal more expensive for holders of other currencies, but investors are largely betting that the Federal Reserve (the US central bank) will stop the cycle of raising interest rates.
It fell 0.1 percent to $1,952.35 an ounce by 0658 GMT. US gold futures also fell 0.4 percent to $1,956.20.
The dollar rose from its lowest level since April 2022, as dealers awaited economic data and monetary policy decisions.
“The rally that gold started after the consumer price index stopped for a breather, and this leaves the door open to the possibility of a price correction driven by technical factors to the $1940-$1950 region,” said Matt Simson, chief market analyst at City Index.
US data last week indicated a slowdown in inflation, as consumer prices increased at their slowest pace in more than two years.
As for other precious metals, it fell in spot transactions by 0.7 percent to $24.76 an ounce, as well as platinum by 0.6 percent to 965.39 dollars, and it also fell 0.8 percent to 1261.47 dollars.
(Prepared by Amira Zahran for the Arabic Bulletin – Edited by Mahmoud Salama)
2023-07-17 08:02:00
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