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News > U.S.

Gold Price Up as Dollar Value Decreases

  • Gold price spiked in light of the decrease in the value of the dollar. Aug. 1, 2022.

    Gold price spiked in light of the decrease in the value of the dollar. Aug. 1, 2022. | Photo: Twitter/USGoldBureau

Published 1 August 2022
Opinion

The value of the dollar in the international market dipped on Monday.

According to the report issued by the U.S. Federal Reserve (Fed) on Monday, the price of pot gold rose by 0.03 percent, representing 771 dollars more per ounce. In the meantime, the dollar's value has decreased in the international market.

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The Fed's gold feature registered in the U.S. shows an increase of 0.4 percent, which means 1 789 dollars per ounce.

Fed also reported that other precious metals have increased their value, such as silver rose to 20.40 dollars, platinum gained to 904.42 dollars, and palladium jumped to 2 161.97 dollars.

On the other hand, the U.S. bank indicated that the index of the U.S. dollar has decreased by 0.4 percent, which means at the time that gold has become less expensive for foreign investors; otherwise, investors are in the await of economic analysis indicating the pace of interest rate hikes.

The slowdown, the U.S. economy in the second quarter of the year, and the Euro movement downturn paved the way for the emergence of gold.

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