Gold prices fell today, Monday, as the dollar stabilized. However, lengthy discussions on raising the US debt ceiling and comments from Federal Reserve Chairman Jerome Powell about slowing the pace of interest rate hikes limited further losses for the yellow metal. Spot gold decreased by 0.2% to $1,971.79 per ounce, while US gold futures dropped 0.3% to $1,975.00 per ounce.
The dollar index rose by 0.1%, making gold more expensive for foreign buyers. According to analyst Wang Tao from Reuters, gold may surpass the $1,985 mark and rise to a range between $1,992 and $2,003 before retreating.
For other precious metals, silver fell in spot trading by 0.9% to $23.62 per ounce, platinum dropped by 0.4% to $1,058.62, and palladium lost 0.5%, recording $1,505.56.
