Gold falls driven by higher the dollar

Gold falls driven by higher the dollar

Gold prices fell on Wednesday as a stronger dollar and renewed hopes of progress in the Greek crisis after Athens informed international creditors it could accept their offer of financial support if certain conditions were modified.

Greek crisis and failed to stir strong demand for gold as a safe haven investment with investors focused on the survival of the precious metal on an expected increase in US interest rates after the issuance of further strong economic data.

The decline in the price of gold for immediate sale 0.3% to $ 1168.45 per ounce at the end of trading in the US market, after falling earlier in the session to $ 1166.35, its lowest level since the fifth of June

And US futures fell for gold of $ 2.50 to a record settlement at 1169.30 dollars per ounce.

Traders said that there is scope for the Greek crisis pushing more money into gold if worsened to the extent that the Greece out of the euro zone or if the infection moved to other economies in the region such as Italy or Portugal or Spain.

The gold is typically considered a good bet in times of financial and economic crises. But the weak performance of the yellow metal refers to the weakness of broader investor with the expectation that the US central bank to raise interest rates this year.

and 0.9% against a basket of major currencies and most of this rise is due to the weakness of the euro.

Among other precious metals price of palladium for immediate sale jumped about 4% to $ 694.25 per ounce, recording the biggest jump in two years what was seen as a correction after a decline of 14% in June and is also supported by strong sales of cars in the United States in June.

Silver fell 1% to $ 15.52 per ounce, while platinum rose 0.4% to $ 1078.24 per ounce.

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