Gold Falls With The Rise of US Dollar

Gold prices fell on Wednesday, September 2nd as the dollar rebounded after strong data for the US industrial sector supported hopes for a rapid global economic recovery, which made the yellow metal lose some of its appeals as a safe haven.

Gold spot fell 0.4% to 1962.63 dollars an ounce by 05:02 GMT, after hitting 1991.91 dollars on Tuesday, the highest level since August 19. the metal futures trading in the United States fell 0.5% to 1969 dollars.

The dollar index rose from its lowest level in two years after US data showed that manufacturing activity accelerated to near its highest level in two years in August. A strong dollar raises the cost of gold to holders of other currencies.

As for the other precious metals, silver fell 0.7% to $ 27.96 an ounce, platinum lost the same percentage to $ 933.88, and palladium fell 0.5% to $ 2259.52.