Gold prices fell today, Thursday, with the rise of the dollar after the Federal Reserve (US Central Bank) painted a positive picture of the economic recovery, but refrained from providing concrete indications of further stimulus.
By 0524 GMT, spot gold fell 0.8% to 1943.70 dollars an ounce, while US gold futures fell 1 percent to 1950.50 dollars.The dollar index rose to its highest level in more than a week against the rest of the currencies, after the Federal Reserve hinted yesterday, Wednesday, that it expects an acceleration of the recovery of the US economy from the Corona pandemic and a decline in unemployment at a faster rate than the central bank expected in June.
Gold received some support from the central bank’s pledge to keep interest rates near zero levels until inflation goes on a path “moderately exceeding” the two percent target “for some time”.
As for the other precious metals, silver fell 1.5% to $ 26.82 an ounce, and platinum fell 2.3% to $ 946.10 an ounce. Palladium fell 1.3% to $ 2,367.49 an ounce.