- Gold prices fell on global stock exchanges this morning, Monday, amid the rise of the dollar, and investors' anticipation of comments from US Federal Reserve officials, and the issuance of economic data to explore more evidence about the path of interest rates in the United States.
- Spot gold fell 0.1% to $2,409.54 an ounce, while US gold futures fell 0.2% to $2,414.70.
- The dollar rose on safety concerns following the assassination attempt on former US President Donald Trump, which increased his chances of winning the November election.
- A stronger dollar makes gold more expensive for buyers with other currencies.
- Markets are pricing in a 93% chance that the Fed will cut interest rates in September.
- Gold is seen as a hedge against geopolitical turmoil, and the appeal of the non-yielding metal usually increases when interest rates are low.
- As for other precious metals, the price of silver in spot transactions rose by 0.4% to reach $30.88 per ounce, while the price of platinum fell by 0.3% to reach $995.80 per ounce, and the price of palladium fell by 0.7% to reach $962.50 per ounce.
