2023-04-17 15:37:00
© Archyde.com. Gold bars in Switzerland in a Archyde.com archive photo.
(Archyde.com) – Gold fell below the important $2,000 level on Monday, amid pressure from a rising dollar and rising bond yields, while investors await the path of interest rates in the United States.
It fell 0.6% to $1,990.58 an ounce by 1430 GMT, following rising 0.6% earlier in the session, while US gold futures fell 0.6% to $2,003 an ounce.
Jim Wyckoff, senior analyst at Kitco Metals, said that the rise in the US dollar and bond yields, along with some profit-taking from the latest gains, is putting pressure on gold.
Higher interest rates reduce the attractiveness of the non-yielding metal.
And it rose 0.6 percent, making gold priced in the US currency less attractive to buyers abroad. Yields rose to their highest levels in two weeks.
Investors will focus on comments from Federal Reserve officials this week ahead of the start of a blackout period from April 22 ahead of the central bank’s scheduled meeting on May 2-3.
As for other precious metals, it decreased in spot transactions by 1.2 percent to $ 25.03 an ounce, and platinum increased 0.5 percent to $ 1050.14, as well as 2.8 percent to $ 1544.81.
(Prepared by Rehab Alaa and Muhammad Ali Farag for the Arabic Bulletin – Edited by Duaa Muhammad)
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