Gold falls below $1,800, hits 3-week low

2021-11-23 12:08:12 GMT (Economies.com)
Gold falls below $1,800, hits 3-week low

Gold prices fell on Tuesday, to head for the fourth straight loss, giving up the $1,800 barrier, and hit a 3-week low weighed down by the strong US dollar after Jerome Powell was nominated for a second term as Federal Reserve Chairman.

 

Gold prices fell 0.75% to the lowest since November 5 at $1,792.63, after opening at $1,806.22, and hit a day high at $1,812.41.

 

Gold closed lower by 2.25% yesterday, posting its third straight daily loss and the largest daily loss since September 16.

 

The White House has formally nominated Jerome Powell to serve as the chairman of the Federal Reserve for a second term ending in 2026, and also Lael Brainard to serve as the Fed’s vice chair.

 

The dollar index rose over 0.1% today, and hit a 16-month high of 96.60 points.

 

Gold stocks at the SPDR ETF rose 5.53 metric tonnes yesterday, with the total at the highest level since September 24 of 990.53 metric tonnes.

 
 
 
  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%
 
 
Live Forex Updates