Gold falls on dollar gains and focus on central banks via Reuters

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(Reuters) – It fell on Monday as the dollar gained, but economic uncertainty prevented it from falling further as investors awaited developments from central banks.

And gold fell in the spot market 0.2 percent to 1928.80 dollars an ounce in the late trading session. And settled US gold futures at 1934.60 dollars an ounce.

US markets are closed on Mondays for the Labor Day holiday.

“The rise of the dollar is putting pressure on gold, while the longer-term uncertainty is still plaguing the market to support prices,” said Carsten Minke, an analyst at Julius Baer.

It rose 0.3 percent, which raises the cost of gold to holders of other currencies.

Central banks have reduced interest rates to cope with the Corona virus crisis and to gain gold more than 27 percent since the beginning of the year, as low interest rates reduce the opportunity cost of owning the yellow metal that does not generate a return.

As for other precious metals, it rose 0.45 percent to $ 27.00 an ounce, and platinum rose 1.6 percent to $ 909.06 an ounce. And settled at $ 2295.70 an ounce.

(Prepared by Hala Kandil for the Arabic Newsletter – Edited by Wagdy Al Alfi)

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