Gold price fell to a four-week low today [April 25] as bets on the Federal Reserve’s inclination to tighten monetary policy reinforced the Dollar’s strength and reduced the demand for bullion.
The price of gold in spot transactions decreased by 0.7 per cent to US$1916.41 an ounce, after touching its lowest level since March 29, at US$1914.58.
Meanwhile, US gold futures also fell by 0.9 per cent to touch US$1,917.40 an ounce.
The dollar has settled near a two-year high, making gold prices in US dollars more expensive for holders of other currencies.
As for other precious metals, silver fell in spot transactions by 1.7 per cent to US$23.73 an ounce, its biggest drop in more than two months.
Platinum fell by 0.8 per cent to US$923 an ounce, the lowest level since mid-December, while palladium fell by 3.1 per cent to US$2,302.19.
