Gold prices fall low as dollar strengthens

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gold prices

Gold prices fell more than 1% to 5.5 month low this Monday. The dollar and the treasury give lots of strength with the election of Trump. This is because he is expected to boost the US spending.

Gold prices hit the lowest ever since 3rd June when it was at $1,211.08 an ounce. This was down 1.1% at $1,211.79. The US gold futures also declined to 1.1% at $1210.40 an ounce. On the other hand, the dollar increased to an 11 month high against many currencies.

Other related changes

SPDR Gold Trust is the world’s largest gold-backed exchange-traded fund. Even the holdings there fell 0.76% to 934.56 tonnes on Friday. Silver fell 3.3% to its lowest ever sine June too. It was at $17.75 an ounce while platinum cam down by 1.3% at $928. Palladium, however rose up by 1.8% to be at $682.22 an ounce.

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