Gold prices fell more than 2% due to the rise of...


Gold prices fell more than 2% due to the rise of the dollar

Gold prices fell during trading today, Thursday, amid the dollar’s rise against most of the major currencies, and following the release of positive economic data.

In data released today, the US Commerce Department announced that retail sales rose by 0.7% in August, contrary to expectations for a decline of 0.7%.

And the retail sales index in its core value – excluding the most volatile goods – rose by 1.8%, contrary to expectations for a decrease of 0.1%.

On the contrary, the Bureau of Labor Statistics reported today that the number of initial jobless claims in the United States rose to 332 thousand applications last week, while expectations indicated an increase in the index at 325,000 applications from 312 thousand.

In a separate context, the dollar index (which measures the performance of the currency against a basket of major currencies) rose by 0.4% at 17:19 GMT to 92.9 points, and recorded the highest level at 92.9 points and the lowest level at 92.4 points.

In terms of trading, the spot contracts for gold decreased by 17:20 GMT by 2.2% to $1755.8 an ounce, and the precious metal recorded the highest price at $1797.3 and the lowest price at $1745.5.





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