Gold prices near five-week lows in Angola
The price of gold was close to its lowest point in over five weeks yesterday, August 17th as confirmed by precious metals market traders.
The metal is being negatively affected by the strengthening of the dollar and the yields of US Treasury bonds, at a time when the minutes of the July meeting of the Federal Reserve (Fed) are expected to be released. These minutes could provide clarity on the intention to raise interest rates.
Spot gold experienced minimal fluctuations, reaching its lowest level since July 7th. US gold futures contracts remained stable.
Meanwhile, the dollar reached its highest point in over a month due to concerns about the Chinese economy. This increase in the dollar’s value has made gold bars more expensive for buyers using other currencies. Additionally, the yield on 10-year US Treasury bonds exceeded 4 percent.
