June 7, 2023

Dubai Week

Complete Dubai News World


Gold and precious metals have fallen sharply due to the rise of the dollar

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Prices of gold and other precious metals fell on Thursday, with palladium losing more than 8 percent as investors bought the dollar, betting that the Federal Reserve (US Federal Reserve) will adhere to its policy of accelerating monetary tightening.

Gold traded 1.6 percent lower at $ 1823.14 an ounce at 17:51 GMT.

US gold futures fell 1.6 percent to $ 1824.60 an ounce.

The dollar soared to new highs in 20 years, which did not attract precious metal to holders of other currencies.

Gold is generally considered an inflation hedge, but it does not generate returns, so it is sensitive to interest rates and treasury yields.

U.S. 10-year Treasury revenue fell to a two-week low, controlling gold losses.

Among other precious metals, silver fell 4.3 percent to $ 20.63 an ounce in spot trading, hitting its lowest level since July 2020 in the previous session.

Platinum was down 5.2 percent at $ 940.51 an ounce. Palladium also lost 7 percent to $ 1892.69 an ounce, down 8.2 percent to $ 1867.68, the lowest level since January.


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