Gold loses its luster as the dollar rises after US Central declarations

Gold prices came under pressure on Thursday after comments from the US Federal Reserve strengthened the dollar, as investors are now focused on nonfarm payroll data for indications of a labor market recovery.

And gold fell in spot trades 0.1% to $ 1809.91 an ounce, while US gold futures fell the same percentage to $ 1812.10.

“The bulls cannot push this market beyond the $ 1.810-1815 range and are waiting for a new catalyst,” said Jigar Trivedi, a commodity analyst. prime at Mumbai-based broker Anand Rati Shares.

He continued: “If the non-farm payroll data comes in in high, it is likely that gold will see a strong sell-off, with its decline to $ 1790, with the possibility of even falling to $ 1760 “.

Gold prices rose more than 1% in the previous session on the back of a disappointing national ABD employment report, but trimmed earnings after Federal Reserve Vice President Richard Clarida said conditions for raising interest rates could be met by the end of 2022.

Higher interest rates increase the opportunity cost of holding the yellow metal of no return.

The dollar index rose after statements that tended to tighten monetary policy.

However, analysts see rising coronavirus cases as support for gold prices.

As for the other precious metals, silver fell 0.1% to $ 25.34 an ounce after hitting a three-week high on Wednesday.

And platinum in previously recorded its lowest level in more than 7 months at $ 1005.5 and fell in the last trade by 1.5 percent to reach $ 1010.46 and palladium was up 0.2 percent to $ 2652.81.

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