The price of gold on the spot market fell by 2.42 percent today and fell below $ 4,600. Gold thus recorded its lowest level since April 6th.
In parallel with the decline in gold prices, silver prices also recorded heavy losses. The ounce price of silver fell by more than 6 percent on the spot market and fell to the level of 77 dollars.
Analysts said the lack of concrete results from the summit between Chinese President Xi Jinping and US President Donald Trump in Beijing increased global uncertainty, recalling that oil prices began rising again on Friday after investors' expectations were not met.
Analysts noted that situation strengthened expectations that central banks would keep monetary policy tight by fueling global inflationary pressures, saying changing interest rate expectations since the war that began in the Middle East in late February was putting pressure on gold prices.
Analysts assume that in the current situation the US Federal Reserve (Fed) will suspend interest rate cuts, while the European Central Bank (ECB) will continue to raise interest rates.
Since prices for precious metals are quoted in dollars, the appreciation of the dollar against other currencies also leads to a fall in prices. A strong dollar weakens global demand by increasing costs for investors using other currencies.
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