February 7, 2023

Dubai Week

Complete Dubai News World

Dollar fall in gold prices |  Sky News Arabia

Dollar fall in gold prices | Sky News Arabia

Gold fell 0.8 percent to $ 1921.86 an ounce on spot trading (Ounces) 1753 by GMT.

And US gold futures fell 1.6 percent to $ 1923.70.

The unemployment rate fell to a two-year low of 3.6 percent, and wage growth accelerated again, strengthening the targets. Federal Reserve Board It wants to raise interest rates by 50 basis points in May.

The data supports 10-year U.S. Treasury yields and gains in dollars, which reduces the attractiveness of gold to foreign buyers.

Bart Melek, Head of Commodity Strategies at DT Securities, expressed high expectations. Interest rate You push gold down because it does not cost much to own gold.

But “(Federal Reserve) policy has to go a long way to be neutral … and gold will rise somewhat,” he added.

Meanwhile, talks to end the five-week war between Russia and Ukraine are expected to resume even as Ukraine prepares for further attacks.

“While the geopolitical crisis will not last forever, we expect the secondary effects of the Russian-Ukrainian crisis to provide strong support for prices,” ANZ said in a statement. Gold This year “.

Platinum was down 0.1 percent at $ 982.17 and Palladium was up 0.4 percent at $ 2,269.63. Both metals are heading for a fourth weekly loss.

Silver was down 0.9 percent at $ 24.55 an ounce in spot trading, and lost 3.8 percent this week.

See also  The rise dominates US stock indices, with the "S&P 500" and the Nasdaq ending a record