Doha: Gold fell 1 percent in spot trading on Monday to $4,489.34 per ounce, after touching its highest level in two weeks last Friday. This decline comes amidst a strengthening dollar, which has increased the cost of dollar-denominated gold for holders of other currencies.
According to Qatar News Agency, US gold futures also saw a significant decline, dropping 1.9 percent to $4,506.30 per ounce. The changes in the gold market have been closely watched by investors looking to hedge against currency fluctuations.
Meanwhile, other precious metals showed varied movements. Spot silver remained largely unchanged at $75.26 per ounce. In contrast, platinum experienced a rise of 0.7 percent, reaching $1,929.60 per ounce, while palladium saw an increase of 0.9 percent, climbing to $1,366.44 per ounce.