Gold falls to its lowest level in two months, affected by the rise of the dollar
Gold prices fell to their lowest level in more than two months on Wednesday, as the dollar's rally continued, supported by expectations of strong monetary policy tightening from the US Federal Reserve.
And gold fell in immediate transactions about one percent to $ 1887.10 an ounce (an ounce) by 1720 GMT, after falling earlier in the session to $ 1881.45, the lowest level since February 24.
US gold futures fell 0.84 percent to $1,888.00 an ounce.
The US dollar jumped to its highest level since January 2017, supported by expectations that the US central bank will be tighter than its peers and safe investment flows fueled by fears of slowing growth in China and Europe.
The Federal Reserve is expected to raise interest rates by 50 basis points at its meeting on May 3rd and 4th.
A rising dollar makes gold less attractive to holders of other currencies.
The US currency is also seen as a strong competitor to gold as a safe investment haven during economic and political crises.
Among other precious metals, spot silver fell 0.50 percent to $23.36 an ounce, and platinum fell 0.55 percent to $915.64.
Palladium rose 0.88 percent to $2,205.60.
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