Falling global gold prices this month
According to Mehr News Agency Price Global gold rose on the back of a weaker dollar and continued geopolitical tensions, and remains poised for its worst monthly loss since September last year.
Gold rose 0.5 percent to $2,652 and 71 cents an ounce, but set a weekly loss of more than 2 percent after a sharp drop earlier this week. The price of American gold increased by 0.6% and reached $2,681.
Gold is down 3% so far this month, its worst monthly drop since September 2023, as Trump euphoria boosted the dollar earlier this month, stalling gold’s gains and fueling a post-election sell-off.
The dollar fell to its lowest level in more than two weeks, but remains on track for a 2 percent gain in November as Trump’s victory on Nov. 5 bolstered expectations for big fiscal spending and higher tariffs.
Gold, which has been boosted by geopolitical tensions and the Federal Reserve’s interest rate cuts this year, is now under pressure as higher tariffs could fuel inflation and prompt the Fed to take a cautious approach to further rate cuts. give.
In other precious metals, silver rose 0.9 percent to $30.54 an ounce, platinum rose 1.7 percent to $946.83, and palladium rose 1.7 percent, according to Reuters. rose 0.7 percent to $981.63 cents.
