Gold is falling globally due to the rise of the dollar

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Posted on: Thursday, June 10, 2021 – 10:33 AM | Last update: Thursday, June 10, 2021 – 10:33 AM

Gold prices fell on Thursday, as the dollar rose slightly, while investors held off making big bets ahead of the European Central Bank meeting and US inflation data released later in the day.

Spot gold fell 0.3% to $1,883.26 an ounce, and US gold futures fell 0.4% to $1,888.20 an ounce.

The dollar index rose slightly to trade near 90.189 against rival currencies, which increases the cost of gold to holders of other currencies.

All eyes are on US consumer price index data after last month’s report showed it rose by the most in nearly 12 years in April, and according to estimates of economists polled by Reuters, the index advanced 0.4% in May.

Investors are also tracking the US weekly jobless claims data, also due today, to get more indications about the labor market recovery in the world’s largest economy.

The ECB decision is due by 11:45 GMT, and the ECB is almost certain to keep a generous flow of stimulus when policy makers gather.

As for other precious metals, silver fell 0.5% to $27.62 an ounce, and palladium settled at $2777.89, while platinum fell 1.2 percent to $1,136.53.







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