Gold falls with the rise of the dollar

Gold prices fell today, as the dollar’s rise overshadowed limited support for the precious metal from expectations that the US Federal Reserve may not resort to an interest rate increase by 100 basis points at its meeting next week.

Spot gold fell 0.6 percent to $1,700.80 an ounce by 1900 GMT.

And US gold futures fell 0.67 percent to $ 1699.30 an ounce.

The dollar index, which measures the performance of the green currency against a basket of six competing currencies, rose 0.384 percent, which reduces the attractiveness of gold among buyers of other currencies.

Among other precious metals, spot silver fell 0.17 percent to $18.70 an ounce, while platinum fell two percent to $856.52 and palladium fell 0.6 percent to $1864.10.