London (Archyde.com)
Gold fell on Monday, with the dollar’s stability near its highest level in 20 years, to continue pressure on demand for dollar-denominated gold. The price of gold fell 0.1 percent to $1,740.16 an ounce by 0045 GMT. US gold futures fell 0.2 percent to $1,739.50.
The dollar has stabilized near its highest level in nearly 20 years, causing foreign buyers to stay away from gold.
Gold fell for the fourth consecutive week on Friday, hurt by the dollar’s rally and bets on sharp interest rate hikes gaining strength following strong US jobs data.
Asian stocks started cautiously on Monday as investors prepared for a US inflation report that might force another big hike in interest rates
As for other precious metals, the price of silver in spot transactions fell 0.2 percent to $ 19.27 an ounce, and platinum fell one percent to $ 887.89. Palladium fell 1.3 percent to $2,153.50, following rising nearly 10 percent on Friday.
