Gold logs lowest close this month on stronger dollar

2019-04-11 20:58:30 GMT (Economies.com)
Gold logs lowest close this month on stronger dollar

Gold prices fell today as the dollar rose against most major currencies, as positive data pushed investors away from the precious metal as a safe haven.

 

This comes after the market absorbed the minutes of the Federal Reserve meeting, which showed the Fed's adoption of patience in raising interest rates as a result of signs of a slowdown in the US economic growth and weak inflation indicators.

 

Separately, by 17:41 GMT, the dollar index rose by 0.3% to 97.1 points, reaching a high of 97.1 points and a low of 96.8 points.

 

The dollar's rally negatively impacted the performance of commodities including gold, as it made it more expensive for buyers.

 

The US economy released today labor data showing that the number of weekly jobless claims in the US fell by 8,000 to 196,000 last week, while the producer price index (PPI) rose in March.

 

At the close of the session, gold fell 1.6% to close at $1293.3 an ounce, the precious metal recorded the highest price today at $1313.1 and the lowest price at $1292.9.

 
 
 
  Symbol Last Change Chg.%
1.1145
-0.0099
0.8760%
1.2897
-0.0105
0.8053%
14.912
-0.092
0.617%
65.615
1.605
2.508%
74.57
0.06
0.08%
1273.690
-2.010
0.158%
 
 
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