Global gold prices continued to decline during trading today, Tuesday, near its lowest level in a week and the worst monthly performance since 2016, amid markets anticipation for the statements of US Federal Reserve officials, and the stability of the dollar’s performance, with fears that the US Federal Reserve will tighten its monetary policy sooner than expected. .
Gold futures for August delivery fell 0.59%, equivalent to $ 10.50, at $ 1769.80 an ounce, and the spot price for yellow metal delivery lost 0.52%, or $ 9.32, to $ 1769.16 an ounce.
Silver futures for September delivery were down 0.82% at $26.07 an ounce.
The dollar index - which measures the performance of the US currency against a basket of six currencies - settled at 91.928 points.
Gold is heading for its biggest monthly drop in more than four years after the Federal Reserve accelerated the pace of monetary policy tightening, sending the precious metal prices down 6.9% this month so far, the biggest drop since November 2016.
Richmond Federal Reserve President Thomas Barkin said the Fed has made a big move toward the inflation target in order to begin reducing asset purchases, CNBC reported.
Gold is considered a safe haven against market fluctuations and inflation, while raising the interest rate increases the cost of holding the precious metal and reduces its attractiveness.
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