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LONDON / NEW YORK.- The gold price of gold closed Monday's operations with marginal losses, given the low physical demand in major consumer regions and US interest rate outlook, although the dollar has lost momentum.
A weak dollar depreciates gold, which is quoted in the greenback, for buyers who have other currencies, which stimulates demand.
However, weak physical demand in China and India and persistent expectations that the Federal Reserve will raise interest rates are putting pressure on the price of the metal, traders said.
Spot gold lost 0.2% in London to $ 239.11 an ounce.
While the United States gold futures in the Comex division of the New York Stock Exchange, fell $ 1.50, or 0.1%, at $ 239.70 an ounce.
According to analysts at RBC Wealth Managemen, China's second-quarter figures are apparently weighing on the market.
The Chinese economy grew at its slowest pace in the second quarter thanks to Beijing's efforts to contain In 1965, India's gold imports dropped to the sixth month in June, at 44 tonnes, the depreciation of the rupee pushed up local prices to a maximum level. The dollar, on the other hand, fell as investors reduced their net long positions (bullish) on the currency and rebalanced their positions before the first presentation. Fed Chairman Jerome Powell in front of Congress on Tuesday. The market expects it to reiterate a stance of gradually increasing interest rates.
Among other precious metals, silver fell 0.1% to $ 15.77 an ounce. Palladium fell 2.2% to $ 916.47, and platinum lost 0.2% to $ 824.10 an ounce.
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