Gold falls on dollar strength ahead of US midterm elections

Gold prices fell on Tuesday, November 8, due to a slight rise in the dollar, in addition to shifting investors’ attention to inflation data in America, which is expected to be released next Thursday.

Markets are awaiting inflation data because of its impact on the Federal Reserve’s decision to raise interest rates.

In terms of trading, gold fell in spot transactions 0.3% to $ 1669.73 an ounce by 0615 GMT. And that after reaching its highest level in 3 weeks in trading yesterday, thanks to the decline of the dollar.

And US gold futures fell 0.5% to $ 1672.70, while the dollar index rose by 0.2%.

Investors are also awaiting the mid-term elections for the US Congress, which will be held later today, through which the dominant party in Congress will be determined, which will be reflected in all markets.

As for other precious metals, silver fell in spot transactions 1% to $20.56, platinum fell 0.4% to $975.19 and palladium fell 0.5% to $1887.17.