Saturday, May 18, 2024

The stability of the dollar has led to a slight decline in gold prices


Global gold prices fell slightly in trade yesterday, while the US dollar held steady at a 20-year low.

Yellow metal prices were down 0.33% at $1736.69 an ounce in spot trades, while gold futures were down 0.42% at $1735.05 an ounce.

Gold prices were hit hard, as investors became hungry for the yellow metal, after a significant rise in the value of the US dollar, which became the preferred haven for investors to hedge against fears of a recession due to the move. Major central banks around the world have been raising interest rates to control inflation.

As for other precious metals, silver fell 0.28% to $19.18 an ounce, palladium was down 1% to $2137.5, and platinum was down 01.72% to $867.65.

In turn, European shares fell sharply yesterday amid investor concerns about energy supplies.

The European STOXX 600 index ended a three-day rally after posting its best weekly performance in seven weeks last Friday, falling 1.1%.

Follow our latest local and sports news and the latest political and economic developments via Google News



See also  Gold falls after the release of the minutes
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:


More like this

The Ultimate Guide to Men’s Facials in Dubai

In the bustling city of Dubai, where the sun...

Diversification Benefits of Indices Trading

Index trading is a popular investment option among traders...

Unlocking the Power of Booking Engines in the Hospitality Industry

In an era dominated by technology, the hospitality industry...