ISLAMABAD: Gold prices fell in the global market, largely due to rising US Treasury yields and a stronger US dollar.
Spot gold fell 0.7 percent to $3,979.41 an ounce, down from $3,942.99 in the previous session, its lowest level since November. US gold futures also fell to $3,992.70 an ounce.
Silver fell 1.4 percent to $57.75 an ounce, platinum fell 0.6 percent to $1,542, while palladium fell 0.4 percent to $1,199.34 an ounce.
According to experts, the strength of the US dollar and the increase in Treasury yields are putting pressure on gold prices. According to market analyst Ilya Spivkov, high yields and a strong dollar are the main reasons for the decline in gold prices.
The possibility of an interest rate increase by the Federal Reserve is also affecting the market. According to Cleveland Fed President Beth Hammick, interest rates may increase further if inflation does not decrease.
The market is showing about a 67% chance of an interest rate increase in September, while investors are waiting for important data related to US employment.
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