News

An ounce of gold continues to take hits from the “strong dollar”

By 0615 GMT, gold prices settled in spot transactions at $1817.01 an ounce. US gold futures prices changed little to $1816.90 an ounce.

Gold prices are expected to decline for the third month in a row, and have fallen by 6.2 percent this quarter.

Matt Simpson, chief market analyst at City Index, said rising yields and the US dollar played a role in gold’s weak performance, but noted that gold priced in other currencies was not doing too badly.

The dollar is hovering near two-decade highs and could post its best quarter in more than five years, making dollar-priced gold more expensive for buyers holding other currencies.

Among other precious metals, silver rose in spot transactions 0.4 percent to $ 20.80 an ounce, while platinum settled at $ 917.18 and palladium increased 0.9 percent to $ 1979.88.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button