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    Home » Gold falls as the dollar rises
    Gold falls as the dollar rises
    Education

    Gold falls as the dollar rises

    May 26, 2022Updated:September 16, 20222 Mins Read18 Views
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    By 05:46 GMT, spot gold had fallen 0.5 percent to $1,844.15 per ounce, as a stronger dollar impeded demand for greenback-priced bullion among investors.

    On Thursday (May 26, 2022),  gold prices fell as the dollar rose. Some investors profiting after minutes of a U.S. Federal Reserve policy meeting revealed that the central bank was likely to keep raising interest rates.

    On Wednesday (May 25, 2022), gold lowered some of its dollar-driven losses as minutes from the Fed’s May meeting. They will raise interest rates by 50 basis points in June and July to battle inflation.

    According to Brian Lan, managing director of dealer GoldSilver Central, the Fed’s commitment to hiking rates has influenced gold a little. Some profits are being taken as prices might drop to $1,820 or so.

    However, Michael McCarthy said that the Fed’s decision to add two more half-point raises and then wait to see the economic impact has been favorable for gold. Gold will shine in the longer term. Thus, investors who know a recession will seek something of great value to tide them over. 

    Higher short-term interest rates and bond yields in the United States increase the opportunity cost of owning bullion, which produces nothing. Gold, on the other hand, is seen as a safe-haven asset amid financial crises.

    Key Points:

    • The SPDR Gold Trust reported a 0.2 percent increase in holdings to 1,069.81 tonnes on Wednesday (May 25, 2022).
    • Spot silver fell 1% to $21.74 per ounce, platinum fell 0.4 percent to $939.59, and palladium fell 0.5 percent to $1,996.70.
    • The Fed’s policy does not only affect gold price, but also many other assets around the world. However, gold investors should always check the gold price by following the related news.

    Related Articles:

    • Oil Prices High, Russia Its Invasion Of Ukraine
    • Oil prices is around a two-month high among supply concerns

    Read more: Commodities

    Source: CNBC

    Commodities
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