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Gold prices fell during trading today, before a series of decisions to increase interest rates expected by a number of central banks during the current week.
And Bloomberg news agency stated that the price of gold fell today by 0.3%, while the dollar rose against other major currencies, noting that the decisions of the US Federal Reserve (Central Bank) to increase interest rates at a rapid pace during the current year pushed the yellow metal to decline, while It boosted the value of the dollar and US Treasury bonds.
It is expected to announce an increase in US interest rates by 50 basis points, to range between 4 and 4.5%, next Wednesday.
It is expected that the Board will indicate its intention to continue increasing interest rates during the next year, and at the same time, inflation data that was less than expected during the past month reduced the possibilities of increasing interest rates by a large percentage, after successive increases during the previous months.
Last month’s US inflation data is due to be released on Tuesday, while the Federal Reserve will announce its interest rate decisions on Wednesday.
Several major central banks, including the Bank of England and the European Central Bank, plan to make interest decisions this week.
The price of gold fell in spot contracts today in London trading to 1791.31 dollars an ounce, after rising by 0.5% on Friday, at the end of last week’s trading.
The price of silver also stabilized, and the price of platinum and palladium declined. On the other hand, the Bloomberg dollar value index rose by 0.1%.