Gold falls after rising by weak US data


Gold falls after rising by weak US data

Gold price fell on Wednesday to lose momentum due to profit taking after rising in the previous session thanks to US data weakened the possibility of raising interest rates soon.

And slowed the US service sector activity to its lowest level in six and a half years in August amid sharp declines in production supply and orders including predicts a slowdown, which reduces the turn, the chances that the Federal Reserve, “the US central bank’s economic growth,” an interest rate hike in the near term.

The decline in the new orders index in the non-manufacturing sector in the United States to its lowest level in August since December 2013.

Gold and affected a lot of interest and returns on other asset prices because the rate hike increases the opportunity cost of lost on the holders of the yellow metal, which does not generate any revenues.

And it dropped the price of gold in the spot transactions 0.2 percent to $ 1346.12 an ounce, “ounce” by at 02:11 GMT.

Earlier, the metal touched its highest level since August 19 at $ 1352.65 an ounce.

And it dropped the price of gold in US futures contracts 0.24 percent to US $ 1351 an ounce.

Among other precious metals silver fell 0.5 percent to $ 19.94 an ounce after touching its highest level in three weeks at $ 20.13 an ounce.

And platinum settled at $ 1096.80 an ounce after touching its highest level in two weeks at $ 1105.80 an ounce.

Palladium has never seen little to settle at $ 694.50 an ounce after reaching its highest level in more than two weeks at $ 708.40 an ounce change.

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