Gold prices fell 0.4% to $ 2044.60 an ounce, following approaching its record level recorded in August 2020.
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Gold prices fell to 2044.60 dollars an ounce
Gold prices fell, today, Wednesday, following approaching its record level, with the dollar’s consolidation near its highest level in 21 months, while the price of palladium rose following Ukraine crisis triggered Fears of a shortage of supplies from Russia, which is its largest producer.
And the price of gold in spot transactions fell 0.4% to $ 2044.60 an ounce, following it rose to $ 2069.89 an ounce in the previous session, a level close to the record $ 2072.49 recorded in August 2020.
US gold futures rose 0.8% to $2,058.80 an ounce.
“Any breach of the record level would be a clear indication that the current supportive environment for prices will push prices higher. I expect very strong resistance at these levels,” said Michael McCarthy, chief strategist at Tiger Brokers in Australia.
The US dollar has stabilized near multi-month highs, making dollar-denominated gold more expensive for buyers in other currencies.
Analysts said that gold, which is a safe haven for value during global crises, may rise to its highest levels ever if conditions in Ukraine worsen, amid existing concerns regarding inflationary risks.
The price of palladium rose 1.5 percent to $3,226.46 an ounce, up 38 percent since the start of Russian operations in Ukraine on February 24.
And the price of silver in spot transactions increased 0.7% to $26.58 an ounce, following it approached the highest price in 9 months on Tuesday.
The price of platinum rose 1.5 percent to $1,170.76 an ounce.
