Gold sheds earlier gains and closes lower
Gold prices fell at the end of trading today, shedding earlier gains reached today, as US dollar stabilized against most major currencies as well as markets absorption of the US interest rate expectations.
Federal Reserve Chairman Jerome Powell testified before the Senate Banking Committee that the US economy is affected by a drop in market confidence, but partly recovered after hinting at a rate cut.
Powell said yesterday in a testimony before the House of Representatives that there are factors of uncertainty and risks that put pressure on the US economy, and analysts considered the remarks as a signal for an interest rates cut soon.
In a related context, by 18:01 GMT, the dollar index (against a number of major currencies) stabilized at 97.1 points, with the highest level at 97.1 points and the lowest at 96.8 points.
Gold futures (August delivery) fell by 0.4% an closed at $1406.7 per ounce, the precious metal hit a high of $1429.4 and a low of $1405.4.
| Symbol | Last | Change | Chg.% | ||
|---|---|---|---|---|---|
|
|
|
1.1398
|
0.0056
|
0.4915%
|
|
|
|
|
1.2553
|
-0.0064
|
0.5112%
|
|
|
|
Tadawul
|
7380.35
|
-28.29
|
0.38%
|
|
|
|
|
19.155
|
-0.143
|
0.744%
|
|
|
|
|
40.280
|
-0.145
|
0.359%
|
|
|
|
|
42.77
|
0.05
|
0.12%
|
|
|
|
|
1809.385
|
-3.195
|
0.176%
|
|
