Gold Prices Decline Due to Rise of Dollar

Gold prices declined Monday, due to the rise of the dollar, as investors await the results of the Federal Reserve (US central bank) meeting on monetary policy and the future of interest rate cuts on Wednesday. Gold fell in spot transactions by 0.4 percent, reaching $2376.2 per ounce. US gold futures contracts for August delivery also fell by 0.2 percent to $2375. Gold consumption in China fell by 5.6 percent in the first half of this year, with a decline in demand for gold jewelry, while purchases of gold bars and coins increased. Markets are betting that the Federal Reserve will lay the foundation for cutting interest rates next September during its meeting on monetary policy on Wednesday. As for other precious metals, silver fell in spot transactions by 1.2 percent to $27.54 per ounce, platinum rose by about 1.4 percent to $948.47, and palladium rose by 0.6 percent to $905.22. Source: Qatar News Agency