Gold falls due to the rise in the dollar and the focus on inflation

0
39


Gold fell on Tuesday as the dollar rose, while investors cautiously awaited economic data due this week to assess inflation pressures and the US Federal Reserve’s stance on monetary policy.
And gold fell in spot trading 0.1% to $ 1896.94 an ounce (an ounce) by 0505 GMT, while gold settled in futures trading in the United States at $ 1899.10.The dollar index rose 0.1% against its rivals, which increases the cost of gold to holders of other currencies.

“Inflation has been on the rise in recent weeks, and traders are waiting for confirmation from US data this week that price levels continue to rise,” said Margaret Yang, an analyst at the Daily Fix, referring to Thursday’s US consumer price report.

“It is expected that (US data) will have a mixed effect on gold. On the positive side, gold is considered a hedge against inflation so higher numbers increase the attractiveness of gold,” she said, adding that higher inflation would raise concerns about the Fed easing loose monetary policy. .

In terms of other precious metals, silver fell 0.3% to $ 27.78 an ounce, and palladium gained 0.2% to $ 2838.28, while palladium fell 0.5% to $ 1167.18.





LEAVE A REPLY

Please enter your comment!
Please enter your name here