Agencies – Abu Dhabi
Gold prices fell on Thursday as they approached the eight-month high of the previous session, as the dollar fell after the US Federal Reserve stopped a tighter monetary policy session, as the yellow metal went to fourth consecutive monthly earnings.
Spot gold pays $ 1319.54 an ounce. The price of yellow metal rose to its highest level since May 11, 1323.34 dollars on Wednesday.
The price of gold in US futures increased by 0.8% to $ 1318.60 an ounce, and from the beginning of the month the gold spot price rose by 2.8%.
The Federal Reserve maintained US interest rates unchanged on Wednesday, but said that this year it would be impatient to raise borrowing costs as it pointed to a further deterioration in the economic outlook.
The dollar index, which measures the performance of the margin against the basket of other major currencies, declined after the Federal Reserve made a cautious statement under Reuters.
Gold is usually created with the expectation of lower interest rates, which reduces the possibility of paying scrap metal holders.
Palladium stayed on the market for $ 1360.50 an ounce, after touching the record $ 1434.50 on January 17th.
Silver dropped by 0.5% to $ 16.01 per ounce, following the $ 16.10 retirement of the previous session, the highest level since July 2018. Platinum decreased by 0.4% to $ 811.50 per ounce.