July 12 2022 10:59
Gold prices fell globally during today’s trading, to continue their decline after yesterday recording their lowest level in 9 months, with the continued rise of the US dollar.
Investors’ appetite for the yellow metal was affected after the significant rise in the price of the US dollar, which has become a preferred haven for investors to hedge against fears of a possible recession following the move by major central banks around the world to raise interest rates to control inflation rates.
The US currency is receiving strong support in light of expectations that the US Federal Reserve will raise interest rates at a faster pace than its counterparts around the world.
By the time “10:22 am UAE time”, the prices of the yellow metal fell in spot transactions by 0.25% to $ 1729.92 per ounce, while gold futures fell by 0.21% to $ 1721.65 per ounce.
In terms of other precious metals, silver fell 1.39% to $18.86 an ounce, palladium fell 1.57% to $2111.7, and platinum fell 1.41% to $847.1.
Source: wam
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