falling gold
Gold prices fell strongly during trading today, Tuesday, and recorded the lowest level since December 2021, coinciding with the strength of the US dollar, due to optimism about the tightening of US monetary policy at a very accelerated pace to curb high inflation, which weakened the demand for gold as a safe haven.
During today’s trading, gold prices fell by 2%, and recorded about 1771 dollars an ounce. Gold futures contracts also decreased by 1.79% and recorded about 1768 dollars an ounce.
Gold prices were affected in today’s trading due to the strength of the US dollar, coinciding with the strengthening of optimism about accelerating the pace of monetary tightening, as the US dollar index, which measures the performance of the US currency against about 6 other major currencies, rose 1.45% and scored about 106.59 points, and this in turn increases pressure on gold. .
In addition, gold is awaiting the release of the results of the US Federal Reserve meeting, which is scheduled to be issued tomorrow, Wednesday, at exactly six o’clock in the evening GMT, which gives clarification about the circumstances of the US interest decision decision in the previous meeting, and may give indications about the view of the members of the US Federal Reserve for the future of monetary policy, which it has. Strong repercussions on both gold and the US dollar index.