Gold Rises And New Isolation Measures Overshadow The Dollar’s Strength

Gold rose within a narrow range Tuesday, September 22nd, as fears of a surge in COVID-19 cases across Europe addressed the pressure of the dollar’s strength on the precious metal, ahead of words for decision-makers in the US Federal Reserve this week.

Gold rose in the spot market 0.1% to 1914.28 dollars an ounce by 04:31 GMT, after losing 3% to 1882.70 dollars an ounce, its lowest level since August 12. In US futures, gold gained 0.5% to $ 1919.70.

Earlier, the rise of the dollar reduced the attractiveness of gold, while the dollar index maintained its gains against competing currencies overnight. The strong dollar raises the cost of the yellow metal to holders of other currencies.

As for the other precious metals, silver stabilized at $ 24.73 an ounce, while platinum rose 1.2% to $ 891.75 and palladium increased 0.9% to $ 2,293.71 an ounce.