Sunday , March 7 2021

After the US monetary policy, tighter gold goes down to one month

Gold prices fell to its lowest level on Monday, when the dollar rose to a high of 16 months, supported by the Federal Reserve, which focused on curtailing monetary policy and political uncertainty in Europe.

At 1844 GMT, the golden spot price drop was 0.5 percent to reach $ 1203.30 an ounce, reaching a low of $ 1201.85 a month after the session.

The US futures price for gold futures fell by $ 5.1 or 0.4 percent to $ 1203,50 an ounce.

The Federal Reserve said last week that it plans to raise interest rates next month and, in mid-2019, it was double the increase due to strong economic performance and wage pressures.

The dollar index, which measures golden tensile strength as compared to the basket of six major currencies, rose to its highest level since June 2016, reducing the appeal of yellow metal, increasing purchasing costs to other currency traders.

Among other precious metals, silver dropped by 0.8% to $ 14.04 per ounce. Metal fell during the previous session to the lowest level since September 11th at $ 13.97.

Palladium dropped by 1 percent to $ 1105 an ounce, while platinum also dropped by 1 percent to $ 839.50 an ounce.

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