Oct 2, 2023 at 9:18 PM Update: an hour ago
Gold prices fell to their lowest level in seven months on Monday, weighed down by the stronger dollar and rising US government bond yields. This makes gold less attractive as an investment.
The price of a troy ounce of gold (31.1 grams) is now approximately 1,746 euros. That is the lowest point since March this year. At that time, the gold price was still driven by the unrest in the banking sector following the collapse of regional banks in the United States. Gold is often considered a safe investment in turbulent times on the stock market.
The stronger dollar makes gold more expensive for traders with other currencies, which dampens demand. Rising interest rates on US government bonds are also causing an inflow of capital into bonds, including from the gold market. Interest rates are rising due to the expectation that the US central bank will leave interest rates at a high level for a longer period of time.
Analysts do not rule out that the gold price will fall even further. The gold price reached its record level of more than 1,977 euros in August 2020.
Other precious metals such as platinum and silver are also under pressure. The price of platinum is even at its lowest level in a year. Metals such as copper, aluminum and zinc have also fallen in price.
Beeld: Getty Images
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2023-10-02 19:18:03
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