Investors hedge against fears of a possible global recession
Gold prices recorded a slight decline with the stability of the dollar
Prices of the yellow metal decreased in spot transactions by 0.33%.
Emirates today
Globally gold prices fell slightly in trading yesterday, while the US dollar prices stabilized near their highest levels in 20 years.
The yellow metal prices fell in spot transactions by 0.33% to $ 1736.69 an ounce, while gold futures fell by 0.42% to $ 1735.05 an ounce.
Gold prices were severely affected, with investors affected (appetite) towards the yellow metal, after the significant rise in the price of the US dollar, which has become a preferred haven for investors, to hedge against fears of a possible recession due to the move by major central banks around the world to raise interest rates to control inflation rates.
In terms of other precious metals, silver fell 0.28% to $19.18 an ounce, palladium fell 1% to $2137.5, and platinum fell 01.72% to $867.65.
In turn, European shares witnessed a sharp decline yesterday, amid investors' concerns about energy supplies.
The European Stoxx 600 index halted a three-day rally, declining 1.1%, after recording its best weekly performance in seven weeks, last Friday.
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