Gold prices fell today, Monday, dropping by 0.1% to $1,980.89 per ounce. U.S. futures contracts for gold remained stable at $1,990.20. The dollar rose by 0.1%, increasing the cost of gold for buyers holding other currencies.
In this context, Yip Jun Rong, a market analyst at IG, stated that "some rise in U.S. Treasury yields following initial data for the Purchasing Managers' Index on Friday keeps downward pressure on gold prices."
For other precious metals, silver declined in spot transactions by 0.3% to $24.95 per ounce. Platinum fell by 2.1% to $1,100.45, while palladium decreased by 1.1% to $1,583.94. The European Central Bank is expected to raise interest rates by a quarter of a percentage point on May 4, with a possibility of increasing it by half a point. The Bank of England is expected to raise interest rates to 4.5% on May 11.
