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Gold prices fell to the lowest level in three weeks

2022-08-22T08:00:54.508Z


London, SANA- Gold prices fell for the sixth consecutive session today, reaching their lowest level in more than three years


London- Sana

Gold prices fell for the sixth consecutive session today, reaching their lowest levels in more than three weeks, affected by the strength of the dollar and expectations that the Federal Reserve would raise interest rates to curb the rise in inflation.

And Reuters reported that the price of gold in spot transactions fell 0.1 percent to $ 1746.06 an ounce, after it reached its lowest level since July 28 to $ 1743.38 in early Asian trading, and gold lost nearly three percent of its value last week.

US gold futures fell 0.2% to $1,758.80.

The dollar rose 0.1 percent to its highest level in more than a month against rival currencies, making gold more expensive for buyers holding other currencies.

The Federal Reserve will raise interest rates by 50 basis points next month, economists said in a Reuters poll, amid expectations that inflation has reached its peak and growing fears of a recession.

As for other precious metals, the price of silver in spot transactions rose 0.2 percent to $19.6 an ounce, and platinum fell 0.3 percent to $893.38, while palladium increased 0.2 percent to $2129.21.

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Source: sena

All business articles on 2022-08-22

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