Gold is falling as the dollar regains some strength

Gold prices fell on Wednesday, after hitting a one-week high in the previous session, on the back of the dollar regaining some strength, which makes bullion priced in the US currency more expensive for buyers abroad.

Spot gold fell 0.2 percent to $1,813.55 an ounce by 0623 GMT, after rising more than 1 percent on Tuesday on the back of the dollar’s decline.

US gold futures fell 0.1% to $1,823.60.

The dollar index rose 0.1 percent, after falling in the previous session.

And Federal Reserve Chairman (US Central Bank) Jerome Powell announced last week that the bank will continue to raise interest rates next year, despite the economy heading for a possible recession.

As for other precious metals, spot silver fell 0.9 percent to $23.94 an ounce, platinum fell 0.4 percent to $1003.26, while palladium increased 0.4 percent to $1738.52.