Gold declines against the rise of the dollar and follow-up to the statements of the Federal Reserve Chairman

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Gold prices fell during Tuesday’s trading, in light of the rise in the US dollar, and following the statements of “Jerome Powell” Federal Reserve Chairman.

In prepared remarks published yesterday, Powell emphasized that economic growth continued to accelerate but faced upward pressures on prices due to disruptions in the supply chain and other factors.

Powell stressed that the reasons for the recent rise in inflation may last longer than expected.

In terms of trading, gold futures contracts for December delivery fell by 0.5% at $ 1743.30 an ounce, during today’s trading, and the spot price for the yellow metal fell by 0.4% to $ 1743.48 an ounce.

Silver futures for December delivery fell 0.8% to $22.52 an ounce.

The spot price of platinum also fell 0.2% at $981.35 an ounce, while the spot price of palladium fell by 0.7%, recording $1934 an ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, increased by 0.1% to 93.499 points.

Source: numbers

The article: Gold falls against the rise of the dollar and the follow-up to the statements of the Federal Reserve Chairman was written in Al Borsa newspaper.