Amidst Corona fears in China .. gold declined as dollar rose

[05-12-2022 05:08 PM]

Ammon News - The economic expert, Afnan Khalifa,said that gold prices fell today after the dollar rose due to the demand for a safe haven, which was sparked by protests in several Chinese cities, against the strict restrictions to combat the Coronavirus.
And the price of gold in spot transactions fell 0.4 percent to 1748.84 dollars an ounce, at 05:55 GMT.
US Gold futures fell 0.3 percent to 1,749.60$.
The Dollar index rose 0.4 percent, Making bullion priced in the greenback more expensive for holders of other currencies.
Afnan Khalifa said, "Gold prices are closely tracking the movements of the US dollar, and it appears that the increasing uncertainty due to the growing unrest in China supported the dollar this morning."
And clashes took place between hundreds of demonstrators and the police in Shanghai, yesterday evening, Sunday, after the outbreak of protests against the strict restrictions imposed by China to combat the Coronavirus for the third day, and the protests spread to several cities in the wake of a fire, which resulted in deaths in the far west of the country.
At the same time, China recorded today, the fifth consecutive record number of daily infections with the Coronavirus.
For other precious metals
Silver fell 2.2 percent to $21.12 an ounce, platinum fell 0.5 percent to $975.88, and palladium fell 0.2 percent to $1848.38.

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