Gold Prices Dip as Dollar Rises
2023-08-01T10:54:31+00:00
Shafaq News / Gold prices declined on Tuesday amid a rise in the US dollar.
In the spot market, gold prices fell by 0.1% to $1963.04 per ounce at 03:16 GMT, while US gold futures dropped by 0.4% to $1962.90 per ounce.
In July, gold prices recorded a monthly increase of 2.3%, marking the largest monthly gain in four months. This was driven by investors' expectations of an approaching end to the interest rate hike cycle by global central banks.
Low interest rates boost the demand for gold, which does not yield returns.
As for other precious metals, silver fell by 0.3% in the spot market, reaching $24.70 per ounce. Platinum remained stable at $948.77, while palladium declined by 0.3% to $1278.04.
