Gold Near Its Highest Level in More Than Two Months

Gold prices fell on Monday as the dollar rose, but renewed bets that the US Federal Reserve may slowly reduce its stimulus program to support the economy kept the precious metal near its highest level in two and a half months.

And gold for immediate selling ended the trading session down 0.2% to $ 1823.00 an ounce.

On Friday, prices hit their highest level since June 16 at $1,833.80.

Today’s trading session witnessed weak trading due to the closing of US markets for a public holiday in the United States.

US gold futures fell 0.45% to $1,825.50 an ounce.

The US dollar index rose, which reduces the appetite of holders of other currencies for the yellow metal.

Labor Department data on Friday revealed that non-farm payrolls in the United States increased by 235,000 jobs last month, well below economists’ forecasts of 728,000.

US Federal Reserve Chairman Jerome Powell indicated last month that a strong job recovery was a prerequisite for the bank to begin reducing its asset purchases.

Some investors consider gold as a hedge against inflation that may follow stimulus measures, while low-interest rates reduce the opportunity cost of holding the yellow metal, which does not yield a return.

Among other precious metals, silver settled at $24.68 an ounce, after rising 3.4% in the previous session.

And platinum and palladium fell 0.54% to $ 1019.90 and $ 2410.10 an ounce, respectively.