The price of gold has been steadily declining since the start of the week and shows no signs of stopping. It is currently trading at $1,914 per ounce, which is $18 lower than the previous closing price. In the first four trading sessions of this week, the price of gold has dropped by $43 per ounce, reaching its lowest level in the past four months.
This decline in the price of gold is attributed to US Federal Reserve Chairman Jerome Powell's "hawkish" stance during a two-day hearing before Congress. As a result, the precious metal has fallen to its lowest point in four months.
The strength of the dollar, as measured by the Dollar-Index against a basket of six major currencies, has increased by 0.39% compared to yesterday morning, reaching 102.6 points.
The strengthening dollar has made the interest and depository fees for gold more expensive. Additionally, the SPDR fund has been selling gold for two consecutive sessions on June 21-22, with a total selling volume of over 4.3 tons.
This decline in the price of gold is attributed to US Federal Reserve Chairman Jerome Powell's "hawkish" stance during a two-day hearing before Congress. As a result, the precious metal has fallen to its lowest point in four months.
The strength of the dollar, as measured by the Dollar-Index against a basket of six major currencies, has increased by 0.39% compared to yesterday morning, reaching 102.6 points.
The strengthening dollar has made the interest and depository fees for gold more expensive. Additionally, the SPDR fund has been selling gold for two consecutive sessions on June 21-22, with a total selling volume of over 4.3 tons.
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GOLD down! yeahhh
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