Report

rss

Iraq News

Kurdistan

Economy

World

All News

Gold is dropping with the rise of the dollar

Category: Economy

Date: 2020-09-02T07:30:58+0000
Gold is dropping with the rise of the dollar

Shafaq News / Gold prices fell on Wednesday as the dollar rebounded after strong data for the US industrial sector supported hopes for a rapid global economic recovery, which caused the yellow metal to lose some of its appeal as a safe haven.

Gold fell in the spot market 0.4 percent to 1962.63 dollars an ounce by 0502 GMT, after hitting 1991.91 dollars on Tuesday, the highest level since August 19.

gold in futures trading in the United States fell 0.5 percent to 1969 dollars.

“The strong dollar is putting pressure on the precious metal,” said Margaret Young of the DailyFix, which covers currency, commodities and indices trading.

“The broader picture remains in favor of gold, as the Federal Reserve and other central banks will continue to pursue an easing policy, probably for a long period of time,” she added.

The dollar index rose from its lowest in two years after US data showed that manufacturing sector activity accelerated to near its highest level in two years in August. A strong dollar raises the cost of gold to holders of other currencies.

As for the other precious metals, silver fell 0.7 percent to $ 27.96 an ounce, platinum lost the same percentage to $ 933.88 and palladium fell 0.5 percent to $ 2,259.52.


related

Including Iraq, Gold reserves of five Arab countries amount to +1,000 tons

Date: 2021-11-13 08:41:55
Including Iraq, Gold reserves of five Arab countries amount to +1,000 tons

Gold prices in the Iraqi local markets today

Date: 2021-02-18 09:33:17
Gold prices in the Iraqi local markets today

PRECIOUS-Gold slides to 1-1/2 month low on elevated U.S. yields, dollar

Date: 2021-09-28 12:59:37
PRECIOUS-Gold slides to 1-1/2 month low on elevated U.S. yields, dollar

Gold reached its highest level in about two weeks

Date: 2020-09-15 09:48:28
Gold reached its highest level in about two weeks

PRECIOUS-Gold edges up on Delta virus threat; firm dollar caps gains

Date: 2021-07-19 07:02:17
PRECIOUS-Gold edges up on Delta virus threat; firm dollar caps gains

PRECIOUS-Gold firms near key $1,800 level as dollar weakens

Date: 2021-10-25 07:13:22
PRECIOUS-Gold firms near key $1,800 level as dollar weakens

PRECIOUS-Gold inches higher from over 4-month low as dollar weakens

Date: 2020-11-25 10:03:01
PRECIOUS-Gold inches higher from over 4-month low as dollar weakens

PRECIOUS-Gold gains as rising virus cases, pullback in U.S. yields lift demand

Date: 2021-05-03 07:31:46
PRECIOUS-Gold gains as rising virus cases, pullback in U.S. yields lift demand