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Gold fell below $1,800 for the first time since the beginning of February

May, 16 2022
watermark Economic news

Today, the price of gold fell below the psychological level of $1,800 for the first time since the beginning of February. The daily low was fixed at $1,785.40 per troy ounce. The current quote for the precious metal is $1,815.87.

Analysts note that at the end of the past week, the price of gold fell by 3.9%, a record pace since June 2021.

Experts say that the main reason for the decline in quotes is the strong dollar and the growing yield of bonds, because against this background, gold, which does not bring interest income, loses its attractiveness in the eyes of investors.

The ICE currency index, which shows the dynamics of the dollar against six major world currencies, is down about 0.15% on Monday after rising to a 20-year high last Friday.

July futures for silver, meanwhile, are growing in price – up to $ 21.465 per ounce. Moreover, last week silver finished falling by 6.2%, the maximum since the end of January.

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