Gold and silver futures fell as the dollar’s rally to a 13-month high damped demand for the precious metal as an alternative investment.
The greenback jumped to the highest since July 2013 against a basket of 10 currencies. Gold dropped 1.6 percent last week as the dollar climbed 0.8 percent.
The metal has declined this quarter on concern that the Federal Reserve is closer to raising U.S. interest rates. Policy makers meet Sept. 16-17. Holdings in exchange-traded products backed by gold fell in the past two weeks as a truce in Ukraine reduced demand for a store of value.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015