The price of gold today is moving away from its highest levels, and the dollar is consolidating

The price of gold today fell 0.4 percent in spot transactions.

fell on

Wednesday after approaching a record level, with the dollar holding near its highest level in 21 months and investors taking some profits, while the price of palladium rose after the Ukrainian crisis raised fears of a lack of supplies from Russia, its largest producer.

gold price today

in spot transactions fell

0.4 percent to 2044.60 dollars an ounce (an ounce) by 0712 GMT, after it rose to 2069.89 dollars an ounce in the previous session, close to the record level of 2072.49 dollars recorded in August 2020.

US gold futures rose 0.8 percent to $2,058.80 an ounce.

"Any breach of the record level would be a clear indication that the current supportive environment for prices will push prices higher. I expect very strong resistance at these levels," said Michael McCarthy, chief strategist at Tiger Brokers in Australia.

settled

near its highest levels in several months, which made the dollar-denominated gold more expensive for buyers in other currencies.

Analysts said that gold, which is a safe haven for value during global crises, may rise to its highest levels ever if conditions in Ukraine worsen amid existing concerns about inflationary risks.

The price of palladium rose 1.5 percent to $3,226.46 an ounce, up 38 percent since the start of Russian military operations in Ukraine on February 24.

Russia is a major producer of palladium used in the automobile industry.

And the silver price in spot transactions increased 0.7 percent to $26.58 an ounce, after it approached the highest price in nine months on Tuesday, while the platinum price rose 1.5 percent to $1170.76 an ounce.

Follow our latest local and sports news and the latest political and economic developments via Google news