Agencies-Gaza post
Gold Prices drop in World
Gold prices fell on Monday after strong U.S. jobs data last week boosted the possibility of the Federal Reserve (U.S. Central Bank) increasing interest rates significantly, sending dollar and Treasury profits soaring.
The price of gold in spot transactions fell 0.1 % to $ 1771.74 per ounce (ounce) at 04:54 GMT after falling 1 percent in the previous session.
Gold futures fell 0.2 percent to $1,788.20.
Stephen Innes of the S. B. I Asset Management “gold began quietly as the market continued to absorb the implications of the strong US jobs report and the extent to which it would affect the Federal Reserve.
“I think July’s increase in non-agricultural payrolls raises the odds of a 75 basis point rate hike in September that must be negative for gold.”
For other precious metals, the price of silver in spot transactions settled at $19.87 per ounce, platinum fell 1.3 % to $920.25 and palladium settled at $2,125.68.
