Gold is falling with the rise of the dollar
Gold prices fell, on Thursday, from their highest level in two months, as the dollar and bond yields rose, but hopes that the US Federal Reserve will stop raising interest rates after the July meeting limited losses.
The dollar index rose 0.6 percent, supported by US jobless claims data, which makes gold more expensive for holders of other currencies.
US Treasury bond yields for ten years rose to 3.850 percent.
The data showed that the number of Americans who filed new applications for unemployment benefits unexpectedly fell last week, touching a two-month low, indicating continued strength in the labor market.
Investors are now focusing on the US central bank’s monetary policy meeting next week, with markets anticipating a 25 basis point rate hike.
price movements
Spot gold fell 0.5 percent to $1,967.59 an ounce by 15:47 GMT, after hitting its highest since May 17 earlier in the session.
US gold futures also fell 0.5 percent, to $1,970.30.
As for other precious metals, silver fell in spot transactions by 1.2 percent to $24.86 an ounce, platinum also fell 2.1 percent to $952.74, and palladium also fell 2.1 percent to $1,280.04.
2023-07-20 18:12:31
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