Gold prices fell briefly below the $1,700 key level on Thursday for the first time in six weeks as major central banks tightened monetary policy to combat inflation, curbing demand for the non-yielding yellow metal.<\/p>\n\n\n\n
Spot gold fell 0.4 percent to $1,704.70 an ounce by 0917 GMT, after touching $1,699.30 earlier, its lowest since July 21.<\/p>\n\n\n\n
And US gold futures fell 0.6 percent to $ 1716.60.<\/p>\n\n\n\n
Gold prices have come under severe pressure as inflation, which has reached the highest levels in decades, has forced central banks around the world to tighten monetary policy.<\/p>\n\n\n\n
The price of gold has lost more than $350 since it rose to more than $2,000 in early March, and recorded the fifth consecutive monthly decline in August, in the longest series of monthly losses since 2018.<\/p>\n\n\n\n
The dollar also remained near a two-decade peak, which added to the pressure on gold as it increased the opportunity cost of holders of other currencies.<\/p>\n\n\n\n
As for other precious metals, silver fell 1.3 percent in spot transactions to $ 17.74 an ounce, hitting its lowest level in more than two years.<\/p>\n\n\n\n
Platinum fell 0.7 percent to $840.58, while palladium rose 0.7 percent to $2,098.53.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices fell briefly below the $1,700 key level on Thursday for the first time in six weeks as major central banks tightened monetary policy to combat inflation, curbing demand for the non-yielding yellow metal. Spot gold fell 0.4 percent to $1,704.70 an ounce by 0917 GMT, after touching $1,699.30 earlier, its lowest since July …<\/p>\n","protected":false},"author":9,"featured_media":70951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6874,6871],"class_list":["post-71348","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gold","tag-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=71348"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71348\/revisions"}],"predecessor-version":[{"id":71349,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71348\/revisions\/71349"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/70951"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=71348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=71348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=71348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}