Gold Falls Due to The Rise of The Dollar

Gold prices fell on Tuesday, October 5, as the dollar benefited from a decline in risk appetite, and the metal is likely to see volatile trading in the run-up to Friday’s US jobs numbers, which may have an impact on the US Federal Reserve’s plans to cut stimulus.

And gold fell in spot transactions 0.6% to $ 1758.27 an ounce, after reaching $ 1770.41 on Monday, its highest level since September 23. And US gold futures fell 0.6% to $ 1757.30, but remained above the level of 1,750 points.

The dollar index rose, making gold more expensive for buyers than holders of other currencies, while stock markets fell on concerns that higher energy prices could dampen economic growth.

Non-farm payrolls are expected to show a continued improvement in the labor market, likely allowing the Federal Reserve to begin tapering off stimulus before the end of the year.

As for other precious metals, silver fell in spot transactions 0.8% to $22.48 an ounce, platinum fell 0.9% to $958.83, while palladium rose 0.1% to $1906.45.