Sunday, June 23, 2024

The price of gold has fallen to a two-and-a-half month low

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Gold prices fell to their lowest level since mid-February on Tuesday as a strong dollar and an immediate rise in US interest rates limited the appeal of the precious metal as an inflation hedge.

At 0816 GMT, spot gold was down 0.5% to $ 1,854.21 an ounce, the lowest level since February 16. US gold futures were down 0.5% at $ 1,854.40 an ounce.

The value of the dollar was 20 years higher, which did not make dollar-denominated gold attractive to foreign buyers, while for the first time since December 2018, U.S. 10-year bond yields reached 3 percent.

The Federal Reserve (US Federal Reserve) Open Market Committee is expected to begin its meeting on Tuesday to discuss interest rates, and will announce its decision tomorrow, Wednesday.

Among other precious metals, silver fell 0.3 percent to $ 22.57 an ounce in spot trading. Platinum was up 0.3 percent at $ 938.34 an ounce and Palladium was up 0.9 percent at $ 2,236.43.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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