Doha:Gold prices fell on Thursday to their lowest level in more than a week, influenced by the strengthening of the US dollar to its highest level in 19 months. This decline followed US inflation data that exceeded expectations and statements by Federal Reserve officials suggesting a potential tightening of monetary policy and an interest rate hike next month.
According to Maan News Agency, spot gold decreased by 0.2% to $3,977.99 an ounce by 0506 GMT, after earlier reaching its lowest point since November 4. Additionally, US gold futures for December delivery fell by 0.4% to $3,983.20 an ounce.
The surge in the dollar against a basket of major currencies has increased the cost for investors using other currencies to purchase gold priced in US dollars. This rise in the dollar has contributed to the decreased appeal of gold, leading to the current decline in prices.