Gold prices fall amid strengthening of dollar

Gold prices on March 28 morning fell under the pressure of the strengthening dollar and rising yields on US Treasury bonds, Report informs referring to the auction data.

The price of April gold futures on the New York Comex exchange fell by $10.6, or 0.54%, to $1,943.6 per troy ounce. May futures for silver fell 1.14% to $25.323 an ounce.

The price of the precious metal is under pressure from the 10-year US Treasury yield, which rose to 2.529% from the previous close of 2.493%.

In addition, the dollar index (the exchange rate against a basket of currencies of six countries - the main US trading partners), which is growing by 0.34%, to 99.12 points, makes the precious metal less attractive to buy.

However, according to the Wall Street Journal, citing analysts, given the possible tension in the foreseeable future, gold is still getting good support. Given that oil prices are likely to stay high for longer, inflation and the real possibility of stagnation hitting the global economy also continues to support gold.