Gold drops 2.5% on rising dollar

2021-11-22 23:48:22 GMT (Economies.com)
Gold drops 2.5% on rising dollar

Gold prices fell on Monday, as the US dollar rose against most currencies, which weighs down on commodities and metals.

 

US President Joe Biden has formally nominated Jerome Powell to serve as the chairman of the Federal Reserve for a second term, and also Lael Brainard to serve as the Fed’s vice chair.

 

Biden renewed confidence in Powell's steady leadership in times of crisis, which comes amid rising inflation in the US.

 

Austrian government announced a $4,000 fine for those refusing to take the coronavirus vaccine starting in February.

 

The dollar index rose against a basket of major currencies by 0.5% to 96.5 points as of 19:51 GMT, after hitting a high of 96.5 points and a low of 96.04 points.

 

Gold spot prices fell 2.5% to $1,804.1 an ounce as of 19:51 GMT, with a high of $1,850.4 and a low of $1,802.4.

 
 
 
  Symbol Last Change Chg.%
1.1292
0.0049
0.4339%
1.3338
-0.0068
0.5042%
Tadawul
11299.45
-68.73
0.60%
23.648
-0.839
3.428%
74.176
-1.674
2.207%
77.55
-4.71
5.73%
1808.835
-9.000
0.495%
 
 
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