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Gold prices fell on Thursday, with the dollar hitting its highest level in months, after the U.S. Federal Reserve meeting minutes indicated it would start cutting its stimulus-related measures. pandemic this year.
And gold fell 0.5% in spot trades to $ 1,779.52 an ounce at 6:40 am GMT.
US gold futures fell 0.3% to $ 1,779.50.
The dollar index peaked more than nine months, making gold very expensive for holders of other currencies.
Gold has lost some upside momentum as market participants become increasingly concerned that the Reserve (the Board) will start cutting bond purchases by the end of this year. the year, “said Kyle Rhoda, analyst at IG Markets.
The July meeting minutes showed that U.S. central bank officials see an opportunity to cut the bond buying program this year if the economy continues to improve as expected.
The precious metal is considered a hedge against inflation and currency devaluation. A tightening of monetary policy by the US Federal Reserve would remedy this and thus reduce the attractiveness of gold.
As for other precious metals, silver fell 0.9% to $ 23.26 an ounce, while platinum fell 1.2% to $ 982.94 an ounce.
And palladium fell 0.6% to $ 2,413.02 an ounce, after hitting its lowest level since March 16 at $ 2,409.68.
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