Gold price declines on stronger US dollar

Under pressure from the US dollar’s recent, gold price has been declining since the beginning of daily trading, Monday, amid the American Juneteenth holiday amid thin liquidity and the absence of catalysts that would move the markets.

Gold futures fell to $1,950 an ounce, compared to the previous daily closing of $1,957 per ounce. Futures contracts for the precious metal rose to their highest level in the current trading day at $1947 versus the highest levels that recorded 1958 dollars.

The US dollar continues to rise amid the American holiday, taking advantage of the weaknesses of the strong market drivers on the first day of the new trading week that began after the Federal Reserve announced to keep interest rates unchanged.

The US currency rose since the beginning of Monday’s trading, despite the presence of many bearish catalysts that were supposed to take the lead in the US currency in a downward direction, but it relied on a sharp drop in the Japanese yen after the Bank of Japan confirmed that it is continuing its excessive quantitative easing policy.