The price of gold drops with the rise of the dollar before issuing US work data

The price of gold has dropped with the rise of the dollar before issuing the labor market data in the United States later this week, and this data will help guide the way of FBI’s monetary policy. The price of gold fell 0.8% after achieving the largest daily increase in four weeks on Monday. The labor market indicators, which include a report on employment in May, are scheduled on Friday, while investors are awaiting news about commercial negotiations after the United States requested presidential talks with China. Despite the minor decline, the price of the precious metal is still high in the quarter since the beginning of the year, while the Bank of Goldman Sachs indicated last week that gold will remain a hedge tool of inflation in long -term investment portfolios, along with oil. At the same time, the path of commercial negotiations is waiting for the European Union to issue a new warning to take countermeasures as President Donald Trump has carried out his threats to set up customs duties on the block. There are no indications yet to make progress in commercial negotiations with the largest commercial partner of the United States, and the fear of Trump’s policy and its effects on the global economy. On the other hand, the dollar has dropped to its lowest level since 2023 on Monday. The price of direct gold fell 0.5% to $ 3364.69 per gram at 2:28 p.m. in Singapore, while the Bloomberg index for the immediate dollar rose 0.1%. The price of silver has dropped to the rise to the highest level since October. While the price of platinum stabilized, the price of palladium fell.