Agencies-Gaza post
Gold falls, dollar to the highest level in two years
Gold prices on Wednesday fell as the dollar rose to a more than two-year high to shrink demand for the precious metal denominated in the U.S. currency.
Gold fell 0.6% to $1,893.70 per ounce by 0809 GMT.
Gold futures fell 0.3% to $ 1898.60 per ounce.
“Obviously, $1900 is a key level for today’s session… Looking further away does not seem ideal at the moment with the United States dollar rising to a 25-month high”.
The dollar remained at its highest level since the early days of the pandemic and is headed for the best month since 2015, boosted by the possibility of sharp increases in U.S. interest rates and safe-haven flows started by slowing growth in China and Europe.
The dollar’s rise makes gold less attractive to other currency holders. The United States currency is also seen as a strong rival to gold as safe haven during economic and political crises.
Simpson said that the news from Russia provided some support for gold on Tuesday as investors aimed at it as a safe shelter, but that the Ukrainian crisis had just not been supportive of alloys.
It was a few weeks ago, and the market is unlikely to continue because of it during the week.
Russian energy giant Gazprom clarified it had stopped gas reserves to Bulgaria and Poland for not paying for ruble gas, the most powerful reaction by the Kremlin to date to Western boycotts over Ukraine’s conflict.
Most Asian stock indexes fell as raising worries about the global economy prompted investors to shed high-risk investments and resort to safe shelters such as the US dollar and government bonds.
Silver in spot transactions fell 0.2% to $23.43 an ounce and platinum lost 1.3% to $920.23 while Palladium fell 0.1% to $2,183.36.
