Gold falls as the dollar rises
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Economy News _ Baghdad
Gold prices fell on Monday, as rising Treasury yields boosted the dollar and countered fresh concerns about the war in Ukraine.
Spot gold was down 0.2% at $1,941.95 an ounce, as of 04:52 GMT, after hitting its highest level in more than a week at $149.32.
US gold futures were flat at $1,45.70.
The US dollar index rose, supported by the prospects of an interest rate hike by the US Federal Reserve to contain spiraling inflation, a strong dollar making gold less attractive to other currency holders.
The Federal Reserve is preparing to cut its asset holdings and move interest rates sharply higher.
Higher interest rates and yields in the US increase the opportunity cost of holding bullion, which is also used as a hedge against rising inflation.
As for other metals, palladium increased 2.6 percent to $2487.83, spot silver fell 0.2 percent to $24.69 an ounce, and platinum rose 0.5 percent to $979.97.