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London, June 24 (QNA) – Gold prices fell on Wednesday to their lowest level in more than seven months, pressured by a stronger dollar and expectations of a US interest rate hike.
Spot gold prices dropped 2.5 percent to $4,006.29 an ounce, their lowest level since last November.
US gold futures also fell 3 percent to $4,023.30 an ounce.
The stronger dollar makes gold more expensive for buyers holding other currencies.
Investors have also increased their bets on a US interest rate hike this year after the US Federal Reserve tightened its monetary policy stance at its most recent meeting, amid continued concerns about inflationary pressures stemming from the war in the Middle East.
As for other precious metals, silver fell 5 percent in spot trading to $58.96 an ounce, its lowest level since last December, while platinum declined 4 percent to $1,586.55 and palladium dropped 5.2 percent to $1,173.23. (QNA)
