Gold fell by more than one percent today, Wednesday, to record its lowest level in 11 weeks, with the rise of the dollar and oil prices, which exacerbated concerns about inflation and raising interest rates. The price of gold in spot transactions fell 1.8 percent to $4,187.59 per ounce by 0230 GMT, touching its lowest level since March 23, and US gold futures for August delivery fell 1.7 percent to $4,213.40.
The dollar rose, which increased the cost of gold in which it was priced for holders of other currencies. Oil prices rose 1 percent, raising concerns about inflation and strengthening expectations that interest rates will remain high for a longer period.
“The real driver is the shift in the Federal Reserve’s policy expectations, rising yields and the dollar,” said Ilya Spivak, head of global macroeconomics at Testilife. “I think all of these factors are casting a shadow on gold.”
Silver in spot transactions fell 1.5 percent to $64.43 per ounce, platinum fell 2.8 percent to $1,678.10, and palladium fell 0.8 percent to $1,212.31. (Prepared by Mahmoud Salama for the Arabic Bulletin)
