Gold lows to the lowest level under the pressure of the dollar

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Gold prices fell more than 1 percent, hitting a six-and-a-half-month low ahead of a holiday in the United States as the dollar rallied and the US-EU trade dispute continued.
Fears of a trade war between the United States and China have helped weaken the Chinese yuan, the Indian rupee and the Japanese yen against the dollar.

A rising dollar would make the yellow metal more expensive for holders of other currencies.

The dollar received new support from better-than-expected US manufacturing data.

The dollar’s push for spot gold helped more than 8 percent from April’s high of $ 1,365.23 an ounce.

US gold futures for delivery in August fell $ 12.80, or 1 percent, to $ 1241.70 an ounce.

Platinum fell 4 percent to $ 814 an ounce after hitting its lowest level since December 2008 at $ 804 an ounce earlier in the session.

Platinum headed for the biggest daily drop in more than two and a half years.

Among other precious metals, silver fell 1.4 percent to $ 15.85 an ounce after touching $ 15.73, its lowest level in six and a half months.

Palladium lost 1.1 percent to $ 942.50 an ounce.

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