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Gold declines with US dollar rising

Category: Economy

Date: 2020-09-03T08:50:52+0000
Gold declines with US dollar rising

Shafaq News / Gold prices dropped further, Thursday, adding to the sharp decline in the previous session, after the attractiveness of the precious metal as a safe haven was affected by the rise of the Us dollar and improved risk appetite following economic data exceeded expectations.

Spot gold fell 0.3% to $1,937.54 an ounce by 05:35 GMT, after falling 1.4% on Wednesday in the biggest one-day decline since August 19. U.S. gold futures settled at $1,945.40.

Meanwhile, the dollar index rose for the third straight session against its competitors, increasing the cost of gold for holders of other currencies.

Data showing china's continued recovery and the prospect of additional stimulus in the United States have improved the appetite for risk.

Gold has gained about 28% since the beginning of the year, supported by a highly liquid monetary policy adopted by major central banks to reduce the economic damage caused by the Coved-19 outbreak.

Investors are now awaiting the weekly US. Unemployment report, due later in the day, as well as US jobs figures due out on Friday, in search of a future trend.

For other precious metals, silver fell 0.9% to $27.25 an ounce, platinum settled at $905.22 and palladium fell 0.1% to $2,246.53.


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