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- Gold price falls due to a stronger U.S. dollar
Gold price falls due to a stronger U.S. dollar
Gold price declined due to a stronger U.S. dollar and as the uncertainty over the Fed's interest rate hike continue to weigh on gold. It remains unclear if the Fed will start raising its interest rate in September or not.
The U.S. economic data was mixed in the recent weeks. The labour market continued to strengthen, while the inflation and wage growth remained low.
Gold is traded in U.S. dollars. It suffers when the U.S. dollar strengthens, becoming more expensive for holders of other currencies.
Gold price could be supported by concerns over the slowdown in the Chinese economy.
October futures for gold on the COMEX today fell to 1101.40 dollars per ounce.
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