The gold price has expanded its recent price losses at the start of the week with an initially rapid decline.
The gold price has expanded its recent price losses at the start of the week with an initially rapid decline.
The price slide was triggered by a strength of the US dollar after unexpectedly strong data from the US labor market, which increased speculation that the US Federal Reserve would exit the extremely loose monetary policy. As a result, the precious metals gold and silver, which are mostly traded in dollars, have become more expensive in countries outside the dollar area, which also slowed demand on Monday.
On Monday night, the price of an ounce of gold (31.1 grams) slipped below the $ 1,700 mark for the first time in more than four months. At times the precious metal was traded on the London Stock Exchange for only $ 1,690. Within two days of trading, the price of gold has dropped by around $ 100 at times. Probably some larger investors wanted to sell gold positions right at the start of the week, according to the trade.
This is also supported by the fact that the gold price was able to make up for the most part of the slump in the course of the morning, so that the troy ounce was again trading at $ 1,745 in the morning. It only cost around one percent less than on Friday evening.
A similar development was also evident in the silver price. Here, too, there was a sharp slump last night and the price for one troy ounce sank in a short time to $ 22.63, the lowest level since November 2020. The silver price also recovered in the morning, to 23.87 most recently Dollar.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
