World gold prices fall from 6-year high

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10:47 am

Saturday, July 20, 2019

CAIRO –

The gold price fell by more than 1% at the end of trading on Friday when the dollar rose and investors turned to profit taking after the prices exceeded $ 1450 to reach a record high of six years on signs that the US central bank interest rates could lower more than expected this month.

But the precious metal registered a second week of profit with a profit of 0.5%.

Spot gold fell 1.4% to $ 1425.51 an ounce at the end of the session after reaching the highest point since early May 2013 at $ 1452.60.

US gold futures fell 0.1% to settle at $ 1426.70 per ounce.

The gold price rose by around 3% over the past two days, while the expectations for an interest rate cut by the Federal Reserve increased at the end of the month.

The dollar rose 0.35% against a basket of currencies recovering from a sharp fall after senior Federal Reserve officials said on Thursday that there was a need to accelerate the economic stimulus, which would fuel speculation that the US power bank would lower interest rates at its monetary policy meeting on 30 and 31 July.

Among other precious metals, spot silver fell 0.8% to $ 16.19 an ounce after a jump to a year, but the week ended in a profit.

The number of platinum fell by 0.6% to $ 844 per ounce after a two-month peak, while palladium fell by 1.3% to $ 1506.00 per ounce.

(tagsToTranslate) Gold prices (t) Dollar (t) Investors (t) US central bank (t) Interest rates