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Gold is deepening its losses to its lowest level this year at 1224

2018-07-18 12:39 pm | Resource: NEWS | No Views : 169

Gold is deepening its losses to its lowest level this year at 1224 dollars, as the dollar index rose following the testimony of Jerome Powell to Congress, which boosted the possibility of accelerating the tightening of monetary policy this year.

The dollar index rose 0.4% on Wednesday, extending for a second day in a row, at a three-week high of 95.15 points.

After Jerome Powell told the Senate on Wednesday that he sees the United States on a path of rapid economic growth for many years and played down the risks associated with existing trade disputes with China and the European Union and its negative impact on the economy.
Gold prices last week recorded a 1.1% decline, recording a weekly loss of four in the past five weeks.
Gold fell Wednesday by 0.25% to $ 1224, after hitting a high of $ 1229 and a low of $ 1220 compared to the opening at $ 1227.
Looking at silver, it fell 0.94% to $ 15.45, after reaching a high of $ 15.62 and a low of $ 15.41.

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