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Gold falls amid the strength of the US dollar

Gold prices fell during trading today, Tuesday, amid a noticeable rise in the dollar against most of the major currencies, affected by the statements of Federal Reserve officials.

Fears of a global economic recession cast a shadow over the markets, despite statements by European Central Bank President Christine Lagarde that the eurozone economy can achieve growth this year.

A central bank official called "John Williams" also stated that there is a need to increase interest rates further to contain inflation, and expected the possibility of avoiding an economic recession.

On the other hand, the dollar index rose by 20:22 GMT by 0.5% to 104.5 points, and recorded the highest level at 104.6 points and the lowest level at 103.7 points.

In terms of trading, the spot contracts for gold fell by 20:23 GMT by 0.2%, or about $3.80, to $1821 an ounce.


2022-06-29 06:07:37