Gold is falling, coinciding with the rise of the dollar, and economic concerns curb losses


CNBC_ Gold prices fell on Friday morning, coinciding with the rise in the dollar, as economic concerns and the confrontation over the US debt ceiling continued to curb the losses of the yellow metal.


Gold fell by 03:01 GMT, during spot transactions, by 0.3%, to $2010.29 an ounce, down 0.3% during the week, and US gold futures fell 0.3% to $2015.00.

US unemployment claims

Gold rose yesterday, Thursday, after data showed a jump in weekly jobless claims in the United States and an annual increase in producer prices last month at the lowest pace in more than two years, but the yellow metal lost its luster with the rise of the dollar, which makes gold more expensive for buyers abroad.


A White House spokesman confirmed that a meeting scheduled for today on the debt ceiling between President Joe Biden and senior lawmakers had been postponed, and the two sides agreed to meet next week.

Gold tends to gain during times of economic or financial uncertainty as a safe haven, while low interest rates also increase demand for non-yielding assets.


The markets are currently taking into account a 92.8% chance that the US Federal Reserve will keep interest rates at their current level in June.


other precious metals

As for other precious metals, silver fell in spot transactions by 0.8%, to $23.98 an ounce.

While platinum fell 1% to $1,083.24, and palladium rose 0.5% to $1,558.50.

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