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Gold Falls With Dollar Rising
25/08/2017
Gold prices fell under pressure from the dollar as investors awaited a meeting of central bank officials in Jackson Hole, the United States this week, looking for signs of further interest rate hikes.
But losses were limited after US President Donald Trump threatened to close the government unless he had the funds to build a wall along the border with Mexico. Geopolitical risk usually drives investors to buy safe assets such as the yellow metal.
By 1845 GMT, spot gold fell 0.25 percent to $ 1286.5 an ounce, shedding some of the gains made in the previous session.
Gold futures for December delivery fell 2.70 dollars to settle at $ 1292 an ounce.
Traders are focusing on the annual meeting of central bank officials in Jackson Hole, Wyoming, US, which begins on Thursday. Federal Reserve Chairman Janet Yellen and ECB President Mario Draghi are expected to speak Friday on the outlook for monetary policy and interest rates..
Gold is heavily affected by the rise in US interest rates, which increases the cost of lost opportunity opportunities to holders of a yellow metal that does not generate a return while the dollar strengthens the metal.
The dollar recovered on Thursday as investors awaited the message from Jackson Hole policymakers, who kept their gains after US jobless claims came in better than expected.
Silver fell 0.56 percent to $ 16.92 an ounce, while platinum fell 0.18 percent to $ 974.25 an ounce.
Palladium fell 0.16 percent to $ 931.50 an ounce.
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