Gold prices fell during trading on Monday, August 22, coinciding with decreases in the need for precious metals due to the rise in the US dollar and renewed concern about the Federal Reserve’s decision to raise interest rates.
Spot gold fell 0.77% to $1,734.31 an ounce, after falling to its lowest level since July 27. US gold futures fell 0.86% to $1,747.70 an ounce.
Analysts are expecting a volatile week on Wall Street, especially with the anticipation of Federal Reserve Chairman Jerome Powell’s speech during the annual Jackson Hole Economic Forum.
On the other hand, the dollar jumped to its highest level in five weeks against the major currencies, which put pressure on the prices of precious metals, especially gold.
Silver prices fell 0.41% to $18.948 an ounce, after falling to a four-week low earlier in the session.