Gold is falling due to the strength of the dollar, but the decline in stocks pushes it to a weekly gain

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Gold fell today, Friday, as it rose dollar Thanks to speculations of an increase in interest rates, but the yellow metal is still coherent above the important technical support level of 1750 dollars and is on the way to achieve a limited weekly gain, as concerns about high inflation and growth harm risk appetite.

Floor gold in spot transactions 0.2 percent to $1,753.67 an ounce.

US gold futures fell 0.2 percent to $1,754.30.

But the yellow metal is still up about 0.2 percent in the week, as the dollar’s decline on Thursday contributed to gold jumping about two percent.

Gold also received support, as European shares fell after the decline of Wall Street and Asia, due to expectations that inflation in the region of euro It may jump, given the slowdown in economic growth.

 

But some analysts said expectations that the Federal Reserve is likely to gradually reduce its economic support this year continues to pressure gold, as lowering stimulus and increasing interest rates tend to push up government bond yields, increasing the opportunity cost of holding gold.

As for other precious metals, I went down Silver 0.1 percent to $22.22 an ounce. Platinum rose 0.2 percent to $965.11, and declined Palladium 0.6 percent to $1,898.55.

Source: Reuters

The article: Gold is declining due to the strength of the dollar, but the decline in stocks is pushing it for a weekly gain, which was written in Al Borsa newspaper.