Gold prices fall, dollar rises, and the analyst at “Daily FX” says that gold prices are under pressure because the dollar is hovering around its highest level in three months.
Gold prices fell today, Thursday, July 22, to hover close to the lowest level in more than a week, under pressure from the rise of the dollar, while investors await the European Central Bank meeting scheduled for today.
By 05:14 GMT, spot gold contracts fell 0.2 percent to $ 1799.18 an ounce, after hitting its lowest level since July 12 at $ 1793.59 in the previous session.
Meanwhile, US gold futures fell 0.2% to $1,799.20 an ounce.
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“Gold prices are under pressure because the dollar is hovering around its highest levels in three months, and US stocks rebounded for the second day, which means that traders are disregarding concerns about the virus and re-trading on the basis of inflation,” said Margaret Yang, analyst at Daily FX. .
With regard to other precious metals, silver fell 0.3% to $25.15 an ounce, palladium rose 0.5%, to $2667.44, and platinum fell 0.3% to $1,076.91 an ounce.
And the price of gold also witnessed a decline” on June 29, as Gold prices fell to an 11-week low, hurt by the dollar’s rally ahead of the monthly jobs report in the US this week, which is expected to be strong and may strengthen the Federal Reserve’s stance to tighten monetary policy.