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Gold prices stabilize, dollar index declines

Gold prices

London, (Business News Report)|| Gold prices fell, on Tuesday, with the decline in the US dollar index, affected by the decline in the Treasury yields.

Gold prices fell in spot transactions in the latest transactions 0.1 percent to 1,825.29 dollars an ounce by 0218 GMT.

US gold futures rose 0.6 percent to $1,825.60 an ounce.

The dollar index stabilized after retreating from its highest level in nearly 20 years on Monday.

The dollar’s decline increases the attractiveness of gold to buyers of other currencies.

But the yield on the 10-year US Treasury bonds rose, limiting the demand for non-interest-bearing gold.

As for other precious metals, silver fell 0.2 percent to $21.56 an ounce. Platinum settled at $945.76 an ounce. And palladium fell 1.2 percent to 2,002.17 dollars an ounce.

Separately, the US dollar rose at the start of the week to a level just below its highest level in 20 years against other major currencies, on Monday, with investors aiming for a safe haven due to concerns about global growth.

According to the CNBC Arabia website, the dollar index recorded 104.54 after briefly exceeding 105 on Friday, its highest level since December 2002, after 6 consecutive weeks of gains.

Investors turned to the safe-haven currency due to concerns about the ability of the US Federal Reserve to curb inflation without causing a recession as well as concerns about slowing growth caused by the Ukraine crisis and the economic consequences of China’s policy on the non-proliferation of the Coronavirus.

The euro began this week near its lowest level since early 2017, affected by the rise in the dollar and the damage to the European economy from the conflict in Ukraine.

The euro reached $1.0398 on Monday morning, just above Thursday’s level of $1.0354, its lowest since early 2017.

While the British pound recorded 1.2256 dollars today, after falling to 1.2156 dollars last week, affected by the GDP numbers for the first quarter, which came less than expected.

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