February 8, 2023

Gold prices fell more than 1% on Monday as the dollar’s rise and strong expectations that the Federal Reserve will continue to raise interest rates pushed the precious metal sharply to its lowest level in a week.
And spot gold prices fell 1.1 percent to $1,676.79 an ounce (oz) by 14:17 GMT, while U.S. gold futures fell 1.5 percent to $1,683.90. per ounce.
Thus, gold has fallen for the fourth consecutive session, which is probably the worst performance of the precious metal since mid-August.
“High interest rates and a strong US dollar continue to put pressure on gold and outweigh the impact of any safe-haven demand currently emerging from the latest escalation in the Ukrainian crisis,” said David Meyer, director of metals trading at High Ridge Futures.
A stronger dollar would make gold more expensive for holders of other currencies.
In other precious metals, spot silver fell 1.9 percent to $19.72 an ounce.
Platinum fell 0.5% to $907.58 while palladium rose 3.3% to $2253.37.

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