Gold and silver prices fell today, Thursday, as the rise in the dollar negatively affected their attractiveness, while investors awaited the approval of a huge stimulus package in the United States and the Bank of England policy expectations.
In spot transactions, gold fell 0.6% to $ 1822.81 an ounce by 0712 GMT, and US gold futures fell 0.7% to $ 1822.90.
Silver fell 1.1% to $ 26.56. Prices have fallen since hitting an almost eight-year high of $ 30.03 on Monday, as a rally led by social media posts faded.
“The moves in silver are largely speculative and it has become clear that they have no lasting impact,” said Michael McCarthy, chief market strategist at CMC Markets.
McCarthy said that the dollar, at a peak of two months, was putting pressure on the prices of precious metals, adding that “monitoring by central banks is the basis now …”.
The Bank of England is due to announce its policy decision by 1200 GMT.
Harish, director of commodity research at Geojit Financial Services, said that recent speculative moves in silver are gradually fading away, as prices could not exceed a level higher than $ 30, but increased demand from the industrial sector could boost prices again.
Investors are also focused on a $ 1.9 trillion plan to mitigate the effects of Corona, approved by the US House of Representatives without support from Republicans.
As for the other precious metals, platinum fell 1.4 percent to $ 1,086.12 an ounce, and palladium lost 0.5 percent to $ 2,262.68.
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