© Archyde.com. Gold bars in Mendrisio, Switzerland, on July 13, 2022. Photo: Dennis Balibus/Archyde.com.
(Archyde.com) – It fell on Monday from a three-month high in the previous session, as the dollar and US bond yields rose following a senior Federal Reserve official warned that the Fed had not eased its fight once morest inflation. .
And the price fell 0.5 percent to $ 1761.86 an ounce as of 0239 GMT, following hitting its highest level since August 18 on Friday.
US gold futures fell 0.3 percent to $1,764.80.
Gold prices recorded their biggest weekly gains since March 2020 last week following signs of slowing inflation in the United States raised hopes that the Federal Reserve would be less committed to raising interest rates.
Federal Reserve Chairman Christopher Waller said on Sunday that the Fed may consider slowing the pace of interest rate increases at its next meeting, but that should not be interpreted as “easing up” on its fight once morest inflation.
Friday’s survey showed that consumer sentiment in the United States eased in November, weighed down by persistent concerns regarding inflation and rising borrowing costs.
Gold is very sensitive to higher US interest rates because this increases the opportunity cost of holding non-yielding gold.
It rose 0.4 percent following falling to its lowest level in three months on Friday, making gold more expensive for holders of other currencies.
Benchmark returns for ten years rose from their lowest level in a month.
As for other precious metals, the price fell 0.8 percent to $21.51 an ounce. The price of platinum decreased 0.5 percent to 1028.38 dollars, and fell 0.9 percent to 2021.91 dollars.
(Prepared by Ahmed Sobhi for the Arabic Bulletin)
