(Archyde.com) – It fell more than 1% on Monday as a rally and strong expectations that the Federal Reserve will continue to raise interest rates sharply pushed the precious metal to its lowest level in a week.
Prices fell 1.1 percent to $ 1676.79 an ounce, by 1417 GMT, while US gold futures fell 1.5 percent to $ 1683.90 an ounce.
Thus, gold fell for the fourth consecutive session, which is probably the worst performance of the precious metal since mid-August.
“High interest rates and a strong US dollar continue to pressure gold and outweigh the impact of any safe-haven demand currently arising from the latest escalation in the Ukraine crisis,” said David Meijer, director of metals trading at High Ridge Futures.
A stronger dollar would make gold more expensive for holders of other currencies.
As for other precious metals, spot prices fell 1.9 percent to $19.72 an ounce.
Platinum fell 0.5% to $907.58, while it rose 3.3% to $2253.37.
(Prepared by Amira Zahran and Muhammad Ali Farag for the Arab Bulletin – Edited by Mustafa Saleh)
