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[size=30]Gold falls to lowest level in three weeks[/size]
08/03/2017 09:27 | Number of Views: 702
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Direction Press / Agencies
The price of gold fell to its lowest level in three weeks because of expectations for higher US interest rates this month , but the moves have been limited with the market awaited US data this week and more signs of economic plans for the management of US President Donald Trump.
The yellow metal fell in five of the last six meetings with the increasing speculation that goes on the Federal Reserve ( the US central bank) forward toward raising interest rates this month.
Gold fell 0.2 percent in the spot transactions to $ 1223.73 the ounce by 1030 GMT , after touching earlier itslowest level since Feb. 15 at $ 1222.29 an ounce. And went down the yellow metal in the US futures contracts delivered April of $ 1.80 to $ 1223.70 an ounce.
The metal fell last week after the Federal Reserve President Janet Yellen 's remarks , which said that theCouncil is ready to raise the basic interest rate, comments seen as confirming plans to raise interest rates at the meeting to be held on 14 and 15 March.
Gold is strongly influenced by raising interest rates as it increases the opportunity cost of lost on the holders of the yellow metal , which does not generate interest , while reinforcing the calorimeter by the dollar.
Among other precious metals silver 0.5 percent , fell to $ 17.70 an ounce , while platinum 0.2 percent down to $ 972.80 an ounce after touching earlier in the lowest level since January January 27 at $ 965.90 an ounce and descended palladium by a similar amount to $ 769.45 an ounce.
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