The dollar is near its highest level in a week and gold is at its lowest level in two months

On Thursday, the dollar stabilized near its highest level in a week, while gold fell to its lowest level in two months as inflation fears escalated.

The dollar index, which measures the performance of the US currency against six major currencies, settled at 99.288, near its highest level since May 22.

The euro fell slightly to $1.1620, and the British pound fell 0.1 percent to $1.34176.

The Australian dollar fell 0.2 percent to $0.71305, while there was little change in the New Zealand dollar, stable at $0.58965.

The yen fell to as low as 159.60 against the dollar.

The price of gold in spot transactions also fell 0.8 percent to $4,419.60 per ounce.

US gold futures for June delivery fell 0.7 percent to $4,417.10.

As for other precious metals, the price of silver in spot transactions fell 1.7 percent to $73.34 per ounce, platinum lost 0.5 percent to $1,909.15, and palladium fell 0.7 percent to $1,381.64.