© Archyde.com. Gold bars weighing one kilogram are in Mendrisio, Switzerland, on July 13, 2022. Photo: Denis Balibos/Archyde.com
(Archyde.com) – It fell more than 1% as the dollar rose following an unexpected rise in the consumer price index in the United States in August, raising bets that the Federal Reserve will raise interest rates.
Prices fell 1.2 percent to $1703.80 an ounce by 1745 GMT.
And US gold futures fell 1.3 percent to settle at $1,717.40.
The US consumer price index rose unexpectedly in August as lower gasoline prices offset gains in rental and food costs.
The US rose 1.3 percent, making gold more expensive for buyers abroad.
Among other precious metals, spot transactions fell 1.4 percent to $19.51 an ounce, following recording on Monday the largest daily percentage rise since February 2021.
Platinum fell 2.1 percent to $887.94, and 6.4 percent to $2,120.16.
(Prepared by Marwa Gharib and Muhammad Ali Farag for the Arab Bulletin – Edited by Mustafa Saleh)
