Gold is near its lowest level in a month as the dollar rises

Gold prices fell to near a one-month low on Tuesday, as the yellow metal’s appeal against the dollar’s strength declined and investors continued to wait for the Federal Reserve to raise interest rates sharply.

The price of gold in spot transactions at 1736.43 dollars an ounce (an ounce) by 0655 GMT, after hitting its lowest level since July 27 at 1727.01 on Monday.

US gold futures settled at $1,749.10.

The dollar made up for earlier losses, gaining 0.2 percent, trying to surpass its two-decade high in July. A higher dollar makes gold less expensive for buyers than for holders of other currencies.

The Fed’s rapid rate hike since March and comments about further tightening have reduced gold’s appeal as an inflation hedge. Gold prices have fallen more than $300 since it topped $2,000 an ounce in early March.

Powell will address the annual conference of global central banks in Jackson Hole, Wyoming on Friday, a speech that is expected to indicate just how high US borrowing costs are.

As for other precious metals, the price of silver in spot transactions fell 0.7 percent to $ 18.88 an ounce, platinum fell 0.8 percent to $ 868.50 and palladium fell 0.8 percent to $ 2012.36.