Gold is Falling as The Safe-Haven Appeal Shifts to The Dollar

Gold prices fell on Thursday as investors turned to the dollar in search of safety after the decline in global stock markets, while the Federal Reserve (US Central Bank) raised concerns about the pace of the economic recovery in the United States.

Gold fell in immediate transactions 0.5% to $ 1835.35 an ounce, after falling to its lowest level since January 18 at $ 1830.80 on Wednesday.

And US gold futures fell 0.6% to 1834.30 dollars an ounce.

The Fed said that the pace of recovery in US economic activity and employment had slowed in recent months, but kept the benchmark interest rate and monthly bond purchases unchanged.

Gold was also negatively affected by the postponement of a stimulus agreement to mitigate the repercussions of Corona, amounting to $1.9 trillion, as it did not obtain approval from Republicans due to concerns related to its value.

As for other precious metals, silver fell 0.9% to $ 25 an ounce, and platinum fell 0.5% to $ 1059.81 an ounce.

Palladium fell 0.3% to $ 2,298.23 an ounce, after touching its lowest level since December 21 at $ 2,289.38 an ounce earlier in the session.