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Gold prices fell below the $1,800 level on Friday, July 1, and the precious metal is heading for its third consecutive weekly loss, as the tight monetary policies of major central banks and the rising US dollar reduced its attractiveness.
And gold fell in spot transactions 0.5% to $ 1797.19 an ounce, after hitting its lowest level since May 16 at $ 1794.62, and US gold futures fell 0.5% to $ 1798.60.
Gold prices, which came off their worst quarter since early 2021, have fallen about 1.6 percent this week.
The dollar has risen to its highest levels in the last two decades, and continues to make gold less attractive to buyers of other currencies.
US 10-year Treasury yields are at their lowest since June 6.
Higher interest rates and bond yields increase the opportunity cost of holding the non-yielding precious metal.
As for other precious metals, silver fell in spot transactions 1.3% to $19.98 an ounce, and fell about 5.4% this week, the largest decline since mid-May.
Platinum fell 0.1% to $ 893.31, and it is facing the fourth consecutive weekly decline.
Palladium fell 0.9% to $ 1920.65, but rose by about 2.2% this week.
