Gold down as investors bet on stopping interest rate hikes

Gold prices fell today, Monday, due to the rise in the dollar, which increases the cost of the metal for holders of other currencies, but investors are largely betting that the Federal Reserve (the US central bank) will stop the cycle of raising interest rates.

According to “Reuters”, spot gold fell 0.1 percent to $1952.35 an ounce by 0658 GMT. US gold futures also fell 0.4 percent to $1,956.20.

The dollar rose from its lowest level since April 2022, with dealers anticipating economic data and monetary policy decisions.

Matt Simson, chief market analyst at City Index, said, “The rise that gold started after the consumer price index stopped for a breather, and this leaves the door open to the possibility of a price correction driven by technical factors to the region between 1940 and 1950 dollars.”

US data last week indicated a slowdown in inflation, as consumer prices increased at their slowest pace in more than two years.

As for other precious metals, silver fell in spot transactions by 0.7 percent to $ 24.76 an ounce, as well as platinum by 0.6 percent to 965.39 countries, and palladium also fell 0.8 percent to 1261.47 dollars.