LONDON (Archyde.com) – Down gold prices Today, Monday, affected by the rise of the dollar and the rise in US Treasury bond yields, while investors are awaiting inflation data due later this week, which may support a decision of the Federal Reserve (the US Central Bank) to raise interest rates sooner than expected.
And the price of gold in spot transactions 0.1 percent to 1793.86 dollars an ounce (an ounce) by 15.20 GMT, after it had reached its lowest level in three weeks on Friday.
And the price of gold futures in the US fell 0.2 percent to 1794.60 dollars.
US 10-year Treasury yields rose to a two-year high as the dollar rose, amid expectations that high inflation in the United States would pave the way for an increase in interest rates.
Investors are now awaiting inflation data due on Wednesday. The data is expected to show the core US consumer price index rose to its highest level in decades to 5.4 percent in December, from 4.9 percent in the previous month.
Some investors consider gold as a hedge against high inflation, but it is vulnerable to rising US interest rates, which increase the opportunity cost of holders of the yellow metal that does not generate returns, while the rise of the dollar makes the precious metal expensive for holders of other currencies.
In other precious metals markets, the spot price of silver rose 0.2 percent to $22.35 an ounce, platinum fell three percent to $926.75 an ounce, and palladium fell 1.3 percent to $1909.09.
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