Gold Decline With US Dollar Rose to Highest Level in 6 Weeks

Gold fell on Tuesday, September 22, as the dollar rose to its highest level in more than a month, while investors remained skeptical about additional stimulus measures to support the economy that was affected by the Corona pandemic, ahead of words by Federal Reserve officials (the US Central Bank) this week.

Spot gold fell 0.4% to $ 1904.21 an ounce by 1151 GMT, after a major selling wave pushed the precious metal to its lowest level since August 12 at $ 1882.70 an ounce on Monday.

And gold futures rose 0.1% to 1911.60 dollars an ounce.

The dollar index, which is also considered a safe haven, rose to a six-week high against a basket of major currencies earlier in the session, reducing gold’s attractiveness to holders of other currencies.

All eyes are now turning to the testimony of US Central Bank President Jerome Powell before the House of Representatives in response to questions about the set of emergency measures taken by the central bank to mitigate the damage to the economy due to the Corona pandemic.

As for the other precious metals, silver fell 2.2% to $ 24.19 an ounce. Platinum rose 0.3% to $ 883.85 an ounce. Palladium fell 0.2% to $ 2,269.81 an ounce.