Gold continued its losses today for the sixth consecutive session to reach the lowest level in about seven months as the dollar continued to rise, and the prospects of raising US interest rates dimmed the luster of the yellow metal.
According to” Reuters”, gold in spot transactions fell 0.8 percent to 1835.40 dollars per ounce by 1354 GMT, its lowest level since the tenth of March. US gold futures fell 0.7 per cent to 1853 dollars.
The dollar rose 0.4 percent, making gold less attractive to holders of other currencies.
According to the C Group’s Video Watch service.Em.That is, 55 percent of traders expect the Federal Reserve (the US central bank) to fix interest rates at the current range of 5.25 percent to 5.50 percent this year.
Since gold prices exceeded the level of two thousand dollars per ounce in early May, they have fallen by more than 11 percent, or 230 dollars, due to the sharp rise in US Treasury bond yields, which makes non-yielding gold less attractive.
The focus in the market is now shifting to Fed Chairman Jerome Powell’s speech later in the day, as well as to jobs data, private sector employment figures and non-farm payrolls in the United States during the week.
