Gold declines 1.5%, affected by the rise of the dollar

Gold continued its decline today, affected by the rise in the dollar, as investors awaited the approach of Kevin Warsh, US President Donald Trump’s nominee to head the Federal Reserve, with regard to reducing interest rates, while silver recovered from its lowest level in more than three weeks, which it recorded on Friday.

Gold in spot transactions fell 1.5 percent to $4,793.97 per ounce by 00:46 GMT, after touching its lowest level in more than a week on Friday.

Gold had reached an unprecedented high level of $5,594.82 on Thursday.

US gold futures for February delivery rose 1.6 percent to $4,818.10 an ounce.

As for other precious metals, silver rose in spot transactions by 1.6 percent to $85.98 per ounce. It had reached an unprecedented high of $121.64 on Thursday.

Platinum fell in spot transactions by 2 percent to $2,120.05 per ounce after hitting an unprecedented high of $2,918.80 on January 26, while palladium fell 0.9 percent to $1,682.59.