Gold falls due to the rise of the dollar


Source: Reuters

Gold fell during yesterday’s trading with the rise of the dollar, while investors are cautiously awaiting 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, while gold settled in futures trading in the United States at $ 1899.10.

The dollar index rose 0.1% against its rivals, increasing 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 will 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 impact on gold,” she added. 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.


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