Gold prices fell on Monday, July 11th, with the dollar settling near its highest level in 20 years, continuing pressure on demand for dollar-denominated gold.
The price of gold fell 0.1% to $ 1740.16 an ounce by 00:45 GMT. US gold futures fell 0.2% to $1,739.50.
Gold fell for a fourth consecutive week on Friday, hurt by the dollar’s rise and bets on sharp interest rate hikes gaining strength after strong US jobs data.
Dollar Index and Asian Markets
The dollar settled near its highest level in nearly 20 years, which made foreign buyers stay away from gold.
Asian stocks started cautiously as investors prepared for the US inflation report that could force another big hike in interest rates.
other metals
Speaking of other metals, the spot silver price fell 0.2% to $19.27 an ounce and platinum fell 1% to $887.89. Palladium fell 1.3 percent to $2,153.50, after rising nearly 10 percent on Friday.