Gold price declines, as the dollar stabilizes near its highest level in 20 years

Gold fell on Monday as the dollar settled near a 20-year high, continuing to pressure demand for dollar-denominated gold.

The price of gold fell 0.1 percent to $ 1740.16 an ounce by 0045 GMT. US gold futures fell 0.2 percent to $1,739.50.

The dollar has stabilized near its highest level in nearly 20 years, causing foreign buyers to stay away from gold.

Gold fell for a fourth consecutive week on Friday, hurt by the dollar’s rise and bets on sharp interest rate hikes gaining strength after strong US jobs data.

Asian stocks started cautiously on Monday as investors prepared for the US inflation report that could force another big hike in interest rates.

As for other precious metals, the price of silver in spot transactions fell 0.2 percent to $ 19.27 an ounce, and platinum fell one percent to $ 887.89. Palladium fell 1.3 percent to $2,153.50, after rising nearly 10 percent on Friday.