21-08-2018 04:20 PM

Gold prices fell on Thursday as the dollar hanged around near a three-week high. U.S. Federal Reserve Chairman Jerome Powell’s remarks this week inferred rising interest rates and sustained to put pressure on the precious metal prices.

Gold prices were trading at $ 1223 at the time of preparing this report.

The drop in gold prices came as the dollar was positive against its peers following bullish comments from Powell. The U.S. Dollar Index was unaffected at 94.84 on Thursday after touching a three-week high of 95.407 the earlier day.

According to Mr.Ponmudi, Expert Analyst & Managing Director - “Supporting economic development and a positive Fed is assisting to sustain the dollar. Advanced short-term interest rates make the dollar more striking moderately to other currencies.”

Other trade news, White House economic advisor Larry Kudlow said trade discussions with China have been suspended for now, even though talks with the European Union have been more hopeful, and that the organization anticipates a important trade offer to come from the European Union shortly.