Gold prices fall as the dollar rises
Gold futures prices fell on the first day of the new trading week, yesterday evening, against the backdrop of the rise in the value of the dollar, thanks to expectations of an increase in US interest rates.
The dollar value index rose against other major currencies today by 0.75 percent to 106.43 points, with increased demand for it as a result of weak economic data released in China.
The sudden decision of the People's Bank (central) of China to cut key interest rates, yesterday evening, increased fears of slowing growth in the second largest economy in the world, which supports the position of the US currency, which also benefits from the hawkish statements on US monetary policy by Federal Reserve officials. (Central Bank) of the United States.
And gold ended trading yesterday, with a decline of $ 17.40, or 1%, to $ 1798.10 an ounce for delivery next December, its lowest level in more than a week.
And gold fell earlier today, to the level of $ 1787.60 an ounce.
The price of silver also declined by $0.426 to $20.272 per ounce for delivery next September, while the price of copper fell by $0.510 to $3.6175 per pound for September delivery.
In terms of economic news, data from the Chinese National Bureau of Statistics released yesterday evening showed a decline in the growth rate of China’s industrial output last July, contrary to expectations, as it recorded a growth rate of 3.8 percent, while analysts had expected a growth rate of 4.6 percent after a growth rate of 3.9 percent in June. Past.
The Japanese Government Office data released yesterday evening also showed that Japan's gross domestic product (GDP) grew during the second quarter of this year by 2.2 percent annually.
Analysts had expected Japan's economy to grow by 2.5 percent during the second quarter, after it contracted by 0.5 percent during the first quarter, according to the revised data, and contracted by 1 percent, according to the preliminary data.
On a quarterly basis, Japan's economy grew at a rate of 0.5% during the second quarter, which was also lower than expectations, which was 0.6 percent after it contracted by 0.1% during the first quarter compared to the fourth quarter of last year, according to the revised data, while the deflation rate was according to Preliminary data 0.2% of GDP.
In the United States, the activity of the manufacturing sector in the US state of New York this month recorded the second largest decline since the publication of these data in 2001, due to the sharp decline in orders and deliveries, which indicates a decline in demand.
The New York Federal Reserve Bank of New York's general business index fell during the current month by more than 42 points to minus 31.3 points, which is the second lowest level for the index since its launch, while it was its lowest level in April 2020 at the height of the emerging Corona virus pandemic.
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