The spot price of gold fell by 0.8% on Wednesday, settling at $2,721.21, driven by the rising value of the dollar. U.S. gold futures also declined by 0.7%, reaching $2,730.20. The dollar has achieved its highest level in four months, making bullion costlier for buyers utilizing other currencies.
Gold prices typically decrease in high-interest-rate environments, which further bolsters the dollar’s strength. The Federal Reserve is anticipated to announce its decision regarding interest rates on Thursday.
Silver mirrored this downward trend, dropping by 1.4% to $32.19 per ounce. Similarly, platinum experienced a loss of 1.2%, falling to $987.43, while palladium decreased by 1.4%, settling at $1,060.94.
