Gold prices touched their lowest levels in five months, Thursday, as the dollar and US Treasury bond yields gained momentum after recent strong economic data reinforced expectations that the US Federal Reserve will continue to tighten its monetary policy.
And the price of gold in the spot market reached $ 1891.70 an ounce by 0141 GMT, its lowest level since March 15.
And US gold futures fell 0.3 percent to $ 1921.80 an ounce.
Minutes of the Fed’s July meeting showed that “most” policymakers still prioritized fighting inflation, while “some respondents” cited the economic risks of raising interest rates too high.
And record US Treasury yields for ten years, the highest levels in ten months, which pushed the dollar to its highest levels since mid-June and kept investors away from gold, which does not generate a return.
As for other precious metals, silver rose in the spot market 0.2 percent to $ 22.42 an ounce, while platinum settled at $ 882.50, after touching its lowest level since October. Palladium fell 0.3% to $1,205.70.
2023-08-17 04:17:29
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