Gold falls after suffering the biggest monthly loss in two years

Gold falls after suffering the biggest monthly loss in two years

Gold falls after suffering the biggest monthly loss in two years

Gold prices fell on Monday after suffering the largest losses in two years in July, with the rise of the dollar and as investors awaited US economic data could boost expectations for higher US interest rates soon.

The price of gold fell 0.9 percent in spot transactions to $ 1086.06 an ounce by the time 1902 GMT, after falling to $ 1077 on the 24th of July, the lowest level in five and a half years.

The yellow metal has about seven percent of its value in July, the largest monthly loss since June 2013. The price of gold fell for the sixth straight week last week in the longest wave of the decline of its kind since 1999.

The decline in the price of gold in US futures contracts for the delivery of December settled at 0.5 percent, to $ 1089.40 an ounce.

The dollar rose 0.1 percent against a basket of major currencies, erasing some of the gains after the increase of US consumer spending in June at the slowest pace in four months, with the decline in demand for cars, data showed, indicating that the economy has lost some of its momentum at the end of the quarter The second of the year.

Investors are awaiting jobs data report in non-agricultural sectors in the United States on Friday.

Among other precious metals silver fell 2.2 percent in the spot transactions to $ 14.44 an ounce, close to its lowest level in six years recorded last month.

Platinum was down 2.6 percent to $ 955.74 an ounce after it posted its biggest monthly losses in ten months, which amounted to 8.7 percent in July and Hui palladium 2.3 percent to $ 595.25 an ounce, near its lowest level since October 2002.

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