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The rise of dollar dispels the luster of gold

Adel 29 September, 2022 4:37 pm Commodities, Market Update

Gold prices fell one percent on Thursday, with the dollar rebounding after a brief decline in the previous session, while an imminent and expected interest rate hike was still hampering the precious metal’s rise.

By 0935 GMT, spot gold fell 0.8 percent to $1,646.97 an ounce, after recording its best daily performance since March on Wednesday, when the dollar fell briefly.

US gold futures were down 1 percent at $1,653.20.

The dollar index rose 0.8 percent, which makes gold more expensive for buyers of other currencies.

As for other precious metals, silver fell 1.3 percent in spot transactions to $18.64 an ounce.

Platinum fell 1.1 percent to $853.97 an ounce.

Palladium rose 0.1 percent to $2,157.71 an ounce.

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