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Gold Hovers Around $1800 as The Dollar Continues to Strengthen

Adel 24 November, 2021 2:36 pm Commodities, Forex Market, Global Stock Market, Market Update

Gold prices rose marginally on Wednesday, despite the strength of the US dollar and speculation that the Federal Reserve will raise interest rates soon, keeping the metal below $1800.

Spot gold rose 0.3% to $1,794.96 an ounce by 02:39 GMT, after losing 1.4% on Tuesday to its lowest since November 5, and US gold futures rose 0.6% to $1,793.90 an ounce.

The dollar index, which measures its performance against a basket of six major currencies, stabilized and remained close to its highest levels in 16 months, which raised the cost of bullion for buyers holding other currencies.

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