Gold falls as the dollar rises

LONDON (Reuters) – Relegated gold price 1% during trading on Wednesday, extending its decline from the level of $ 1,800 with the rise of the dollar, while investors are looking for a time frame to reduce support for the economy from the US Federal Reserve (Central Bank) conference in Jackson Hole this week.
And gold fell in spot transactions 0.97 percent to $ 1785.10 an ounce (an ounce) by 15:20 GMT, while US futures fell 1.2 percent to $ 1787.10.
On Monday, gold jumped 1.4 percent to its highest level in nearly three weeks, led by the dollar’s decline against major currencies.
But the prices of the precious metal took a downward path, with the dollar moving away from its lowest level in a week, which limited the demand for gold, whose increase in the dollar raises its cost to holders of other currencies.
“The main driver of the market this week is the Jackson Hole conference,” said Carlo Alberto De Casa, market analyst at Kinsey. A few days ago, people were very much expecting the Federal Reserve to start tapering off stimulus before the end of the year, and now that’s a question mark again.”
Some investors consider gold as a hedge against rising inflation that may result from stimulus measures.
As for other precious metals, silver fell 0.7 percent to $23.66 an ounce, and palladium fell 1.5 percent to $2435.00.
Platinum fell 2% to $991.14 an ounce.

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