Gold loses its luster as dollar rises after US powerhouse statements

Gold prices were under pressure on Thursday after comments from the U.S. Federal Reserve boosted the dollar, while investors now focus on nonfarm wage data for indications of a market rally. work.

And gold fell 0.1% in spot trades to $ 1,809.91 an ounce, while US gold futures fell the same percentage to $ 1,812.10.

“The bulls cannot push this market beyond the $ 1,810-1815 range and are waiting for a new catalyst,” said Jigar Trivedi, commodities analyst at Mumbai-based brokerage firm Anand Rati Shares.

He continued, “If the data on nonfarm wages is strong, it is likely that gold will experience a sharp decline, falling to $ 1,790, with the possibility of falling to $ 1,760 as well.”

Gold prices rose more than 1% in the previous session following a disappointing national report on ABD employment, but they reduced gains after the Vice President of the Reserve Federal government, Richard Clarida, said the conditions for raising interest rates could be met by the end of 2022.

Higher interest rates increase the opportunity cost of holding the unprofitable yellow metal.

The dollar index rose after statements tending to tighten monetary policy.

However, analysts see the increase in coronavirus cases as support for gold prices.

As for other precious metals, silver fell 0.1% to $ 25.34 an ounce, after hitting a three-week high on Wednesday.

And platinum previously recorded its lowest level in more than 7 months at $ 1,005.50 and fell 1.5% in the last session to $ 1,010.46, and palladium was up 0.2% at $ 2,652.81.