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The price of gold is falling as the dollar climbs to a 20-year high, making the precious metal (priced in dollars) expensive for those who hold other currencies.
The dollar strengthened as investors sought safety and returns amid growing concerns about a slowdown in global economic growth and rising interest rates.
“A decisive rise above $ 104.00 should be enough for (gold) to try again at $ 1,850” and then to $ 1,835, said analyst Jeffrey Halley.
“The aggressive rate hikes by the US Federal Reserve, the faster QE, the stronger dollar and the possible easing of the Russian invasion of Ukraine are the main reasons that make it difficult for gold to rise,” analysts said.
Concerns about a slowdown in global economic growth, fueled by rapid inflation and rising geopolitical risk, should somewhat protect gold prices.
Britain announced on Sunday that it would increase tariffs on platinum and palladium imports from Russia and Belarus in a new 1, 1.7 billion ($ 2.10 billion) trade package.