Gold price rises as US dollar falls

Gold has recovered some grounds, lifted by a retreat in the US dollar as the market toned down. Spot gold was up 0.03% at ,771 per ounce, the US Federal Reserve (Fed) reported Monday, August 1st.

US gold futures rose 0.4% to $1,789 per ounce, the Fed stated.

Among other precious metals, spot silver rose to $20.40, platinum gained to $904.42, while palladium jumped to $2,161.97.

US dollar index dropped by 0.4%, making gold less expensive for foreign investors; however, investors await further economic analysis that could determine the pace of interest rate hikes.

Gold, on the other hand, was supported by the US economy´s 2Q technical slowdown and the Euro movement downturn.

Fed´s Chair Jerome Powell explained that investors are awaiting for the US employment data to be published on Thursday and for Friday´s payroll figures, which could give more clues about Fed´s rate hikes.

+ posts