Gold falls to its lowest level in three weeks

Gold prices fell for the sixth consecutive session on Monday, hitting their lowest level in more than three weeks, affected by the strength of the dollar and expectations that the Federal Reserve will raise interest rates to curb rising inflation.

And the price of gold in spot transactions 0.1 percent to 1746.06 dollars an ounce (an ounce) from 0131 GMT, after it reached its lowest level since July 28 to 1743.83 dollars in early Asian trading. And gold lost nearly three percent last week.

US gold futures fell 0.2 percent to $1,758.80.

The dollar rose 0.1 percent to its highest level in more than a month against rival currencies, making gold more expensive for buyers holding other currencies.

Economists in a Reuters poll said the Federal Reserve will raise interest rates by 50 basis points in September, amid expectations that inflation has reached its peak and growing fears of a recession.

A series of US central bank officials said last week that the bank should continue raising borrowing costs to control high inflation.

Gold is very sensitive to rising US interest rates because it increases the opportunity cost of holding non-yielding gold.

As for other precious metals, the price of silver in spot transactions rose 0.2 percent to $ 19.06 an ounce, platinum fell 0.3 percent to $ 893.38 and palladium increased 0.2 percent to $ 2129.21.