Gold prices turned lower at a 7-week low during Wednesday’s trading, while silver fell to its lowest level in more than a year.
Metal prices were subjected to negative pressures due to the rise of the dollar near its highest level in 10 months, in addition to the rise in 10-year Treasury yields to the highest level since last June.
Analysts at “OCBC Bank”, in a note transmitted by “Reuters”, expected gold prices to fall at 1,500 dollars by the end of 2022, especially with the completion of the reduction of asset purchases with the Federal Reserve by this period, and then its aspiration to start increasing the interest rate.
The price of gold futures for December delivery fell 0.3% at $ 1732.90 an ounce at 6:22 pm Mecca time.
The price of spot gold delivery also decreased by 0.1% to $ 1731.52 an ounce.
And the price of silver futures contracts for December delivery witnessed a decline of 3.9% to reach $21.58 an ounce, after reaching $21.42 earlier in trading, the lowest level since July 2020.
The dollar index, which monitors the performance of the US currency against a basket of six major currencies, rose 0.5% to 94.215 points.
The article: Gold turns to decline with the strength of the dollar, and silver touches the lowest level in a year that was written in Al Borsa newspaper.