Gold prices fell near their lowest level in two and a half years, as the dollar rose

Gold prices stabilized near their lowest level in two and a half years today, affected by the rise in the dollar and with the adoption of a tough stance by major central banks on interest rates to reduce inflation.

And the price of gold in spot transactions fell 0.3 percent to 1637.85 dollars an ounce (an ounce) as of 0415 GMT.

Prices fell one percent earlier in the session to their lowest level since April 2020, recording $1,626.41.

US gold futures fell 0.6 percent to $1,645.

The dollar index, which measures the performance of the US currency against six major currencies, rose to its highest level since 2002, supported by the decline of the pound sterling.

The Federal Reserve (the US central bank) and a number of other major central banks raised interest rates last week, raising concerns about their impact on growth.

Friday's poll showed the slowdown in euro zone business activity worsened in September.

Meanwhile, Atlanta Federal Reserve Chairman Rafael Bostic said on Sunday that he still believes the US central bank can bring down inflation without major job losses given the economy's continued momentum.

Raising interest rates in the United States reduces the attractiveness of non-yielding gold while strengthening the dollar in which gold is priced.

Gold prices have fallen more than 20 percent since breaking the key $2,000 an ounce limit in March.

As for other precious metals, the price of silver in spot transactions fell 1.6 percent to $ 18.54 an ounce, after it fell earlier to its lowest level in more than two weeks.

The price of platinum rose 0.5 percent to $858.40, and the price of palladium rose 0.9 percent to $2084.79.

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