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Gold falls to its lowest level in a month
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Economy News _ Baghdad Gold fell to its lowest level in more than a month on Thursday, as the dollar rallied on expectations of a rise in US interest rates in December, while platinum traded below palladium for the first time since 2001. Spot gold fell 0.2% to $ 1278.36 an ounce by 06:07 GMT, after hitting its lowest level since August 16 earlier in the session. The yellow metal fell 0.5% in US futures contracts delivery in December to $ 1281.30 an ounce. The dollar and the yield on US bonds rose after US President Donald Trump proposed a tax reform in the United States, the largest in three decades, as strong economic data boosted the rationale for higher interest rates later this year. The rise in the dollar would make gold more expensive for holders of other currencies, while higher interest rates would increase bond yields and undermine the demand for a non-yielding yellow metal. Among other precious metals, platinum fell 0.1% to $ 914.85 an ounce, after hitting its lowest level since July 20, while palladium dropped 0.4% to $ 922.60 an ounce. The palladium reached the price limit with platinum on Wednesday for the first time since 2001. Automakers use metal to manufacture exhaust purification systems, but platinum is more widely used in diesel-powered vehicles, which have fallen in popularity since the Volkswagen exhaust tire scandal in 2015. In contrast, palladium has benefited from a shift to gasoline-powered engines and growth forecasts for hybrid electric motors that tend to use gasoline. Silver fell 0.3 percent to $ 16.69 an ounce, after falling to its lowest level since August 16 at $ 16.64 an ounce. |
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