Commodities

Gold falls near 3-week low as dollar rises

2019-05-21 13:25:57 GMT (Economies.com)

Gold prices fell on the European market during today's trading, near a three-week low recorded earlier yesterday, to resume losses as the US dollar rallied against a basket of major currencies.

 

As of 10:50 GMT, gold fell 0.2% to trade at $1,275.25 per ounce from the opening level of $1,277.59, with a high of $1,277.96 and a low of $1,274.23.

 

Yesterday, gold prices rose 0.1% the first gain in the past five days, rebounding from a three-week low of $1,273.65 an ounce recorded earlier in the session.

 

The dollar index rose about 0.2% on Tuesday, resuming its rise after a temporary halt yesterday, reaching its highest level in four weeks at 97.96 points, to reflect the rise of the US dollar against a basket of major and minor currencies.

 

The rise comes as US currency purchases continue to be the best current investment in the foreign exchange market, as well as the 10-year US Treasury yield.

 

Federal Reserve Chairman Jerome Powell said on Monday it was too early to judge the impact of the trade and tariff issues on monetary policy.

 

Gold holdings at the SPDR Gold Trust Fund-the world's largest gold-backed funds- remained unchanged yesterday, with the total remaining at 736.17 metric tons.

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