Agencies-Gaza post
Gold prices fall as the dollar rises
Gold prices fell on Monday after a surge in the dollar and anticipations of the Federal Reserve (US Central Bank) raising interest speeds this week slumped demand for gold.
Gold fell 0.2 percent to $1,722.84 per ounce as of 0110 GMT after rising to its highest level in more than a week on Friday.
Gold futures fell 0.5 percent to $1718.70 an ounce.
The dollar rose 0.1 percent against rival currencies making dollar-based gold more expensive for buyers holding other currencies.
The U.S. central bank is closing its two-day meeting on Wednesday.
Although gold is seen as a wall against inflation, higher interest rates increase the opportunity cost of holding it.
US Treasury Secretary Janet Yellen said on Sunday that US economic growth was slowing and acknowledged the risk of a slump, but added that a recession was not inevitable.
Yellen told N ‘ B. C. Strong U.S. job and consumer spending sculptures show that the U.S. economy is not in a slump right now.
Last week, the European Central Bank joined its global partners in fighting rising inflation by raising interest rates by 50 basis points.
ECB President Christine Lagarde said in a debate published on Friday that the ECB would raise interest rates until inflation fell to its mark of two percent.
For other special metals, silver in spot trades fell 0.6 percent to $18.48 per ounce and platinum fell 0.6 percent to $868.62 and palladium fell 1.5 percent to $1999.94.
