Gold drops as dollar rises

Gold alloys

Gold prices declined on Monday after former US President Donald Trump survived an assassination attempt on July 13, which led to a rise in the dollar as a safe-haven investment.

Prices of the yellow metal for August delivery eased 0.52%, or $12.5, to $2,408.20 per ounce at 09:37 am KSA time.

Spot gold fell by 0.31% to $2,404.02 per ounce, while silver futures for September delivery dropped by 0.70% to $30.95. The spot price of platinum decreased by 1.23% to $991.58 per ounce.

The dollar index, which measures the value of the US currency against a basket of six major currencies, gained 0.19% to 104.29 points, as demand for it rose as a safe haven amid potential political tensions in the US following Trump’s failed assassination attempt.

Investors are awaiting a speech by Jerome Powell, the Federal Reserve Chair, at the Economic Club of Washington today, July 15, to gather cues about the future of interest rates.