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Gold falls as dollar rises ahead of Fed minutes
Gold prices dropped significantly due to the strength of the dollar and investor anticipation of the Federal Reserve's meeting minutes, which may indicate a possibility of raising interest rates again, despite recent weak employment data. Spot gold declined by 1.8% to $4,087.43 per ounce, while futures fell to $4,113.76. Meanwhile, the dollar index rose by 0.4% to 102.26 points, increasing the cost of buying gold with other currencies. Despite this, central banks continued their gold purchases, adding 39 tons in August, bringing their total acquisitions since the beginning of the year to 170 tons, supporting gold amid mixed expectations regarding the U.S. interest rate hikes.
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