Gold prices in the global market have fallen significantly, reaching a two-week low, as per ounce of Gold reached 4064.01 dollars.
According to the details, gold prices in the global market fell further on Wednesday, after which the precious metal reached its lowest level in almost two weeks. Spot gold prices fell 1.1 percent to $4,064.01 per ounce, while US gold futures for August traded at $4,080.80 with a decrease of 1.7 percent. This level is being described as the lowest since June 11.
According to experts, the main reasons for the decline in gold prices are the strength of the US dollar, growing expectations of further increases in US interest rates, and better yields in the bond market, due to which investors are shifting to other profitable assets instead of gold.
Moreover, uncertainty surrounding the ongoing peace talks between the United States and Iran is also weighing on the market. US President Donald Trump’s recent statement and Tehran’s denial have raised questions about a possible agreement between the two countries, which has made investors more cautious.
The market is expecting the US Federal Reserve to raise interest rates further in upcoming meetings, while investors are now awaiting key inflation data due on Thursday, which will provide important clues about future monetary policy.
On the other hand, other precious metals also saw a bearish trend, with silver down 1.6%, platinum down 1.2%, and palladium down 1%.
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