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Gold Prices Decline By 2pcSingapore, 1 May (ONA) —- Gold prices today declined amid a rising US dollar and investors’ demand for more clarity on the trade policy between the United States and its trading partners.
Spot gold dropped by about 2%, reaching $3,224.22 per ounce.
US gold futures also fell by 2.4%, recording $3,239.24.
Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of other currencies, rose by 0.2%, making gold less attractive to holders of other currencies. The dollar increased by about 0.5% against the euro, trading at $1.1328 per euro in early Asian trading. It also gained a similar amount against the British pound and the yen, standing at $1.3323 per pound and 142.93 yen.
As for other precious metals, silver rose by 0.1% in spot transactions, reaching $32.63 per ounce. Platinum fell by 0.1% to $965.32, while palladium increased by 0.1% to $938.85.—- Ends/Khalid
