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The dollar 'suppresses' the yellow metal ... the biggest drop in gold prices in two months
[ltr]2021.05.04 - 13:42[/ltr]
[ltr]2021.05.04 - 13:42[/ltr]
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Baghdad - People
Today, Tuesday, gold prices fell from their highest level in more than two months, as the dollar's recovery limited the appeal of the yellow metal as a safe haven.
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Investors speculate that a faster-than-expected recovery of the US economy may lead to higher interest rates.
Gold fell in immediate trading 0.4% to $ 1786.10 an ounce by 07:02 GMT, after hitting its highest level since February 25 at $ 1797.75 on Monday.
US gold futures fell 0.4% to $ 1785.50 an ounce.
"The main reason for the slight correction is due to the strength of the dollar," said head of commodity research at Geojit Financial Services, Harish V., adding that maintaining the dollar’s strength is likely to put pressure on gold.
The dollar index rose 0.3%, which reduces the attractiveness of gold to holders of other currencies.
US Federal Reserve Chairman Jerome Powell said yesterday that the performance of the US economy is better, but "the risk has not yet passed."
The US central bank wants to maintain the monetary easing policy in the near future, but the acceleration of the economic recovery has raised speculation that support for the economy will drop faster than expected.
Higher interest rates increase the opportunity cost of holding gold that does not yield a return.
As for other minerals, palladium increased 0.1% to $ 2973.29 an ounce, after rising to an all-time high of $ 3007.73 last Friday.
Silver fell 0.3% to $ 26.79 after hitting its highest level since the first of March yesterday, while palladium settled at $ 1230.49 an ounce.
Reuters
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