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Gold prices fall as the dollar moves near the peak of 2018

UNITED STATES (OBSERVATORY) –¬†Gold prices fell in early trade on Thursday, close to a five-month low seen in the previous session as the dollar trimmed its losses against other major currencies to trade near its peak in 2018.

Palladium fell 0.2 percent to $ 981.20 an ounce.

By 0723 GMT the spot price of gold was down 0.1 percent at $ 1288.65 an ounce after hitting its lowest level since Dec. 27 at $ 1286.20 on Wednesday.

US gold futures for June delivery fell 0.3 percent to $ 1288 an ounce.

The dollar index trimmed losses to near its 2018 peak on Wednesday, while the euro was hovering near five-month lows on concerns that Italy’s political developments could lead to wider crises in the single currency region.

Silver settled little changed in spot trading at $ 16.35 an ounce after touching a two-week low of $ 16.17 during the previous session.

Platinum rose 0.1 percent to $ 888.30 an ounce after it earlier recorded its lowest price in five months at $ 883.