falling gold
Gold prices fell today, affected by the strong rise of the dollar once morest most of the major currencies and the rise in US Treasury yields.
US consumer price inflation data rose 8.6% year-on-year in May, the highest level since 1981.
As a result, fears increased regarding the US economy falling into the clutches of stagflation, with the Federal Reserve heading towards accelerating interest rate hikes.
On the other hand, the yield on the US 10-year Treasury bond rose by regarding 21 basis points to 3.371%, which is the largest daily rise since March 2020.
The dollar index ( once morest a basket of major currencies) rose by 11:59 pm Mecca time by 1.1% to 105.2 points.
At the end of trading, gold futures contracts for August delivery fell by 2.3%, or $43.70, to $1,831.80 an ounce.
