Home Industry Economy Gold slides to nine month low as investors turn to dollar as haven Spot gold fell 0.5 per cent to $1,725.05 an ounce in Singapore, after falling 0.5 per cent in the previous session by Bloomberg July 12, 2022 Gold extended a decline as the dollar strengthened ahead of US inflation data later this week that could influence the size of the Federal Reserve’s rate hike. Bullion slid to its lowest level in more than nine months after posting a fourth weekly decline Friday and sinking further on Monday. Investors concerned about the prospect of a global economic downturn have turned to the dollar, which is up more than 2 per cent this month. US inflation figures this week may stiffen the resolve of Fed policy makers to proceed with another big increase in interest rates later this month. Economists estimate the gauge climbed 8.8 per cent in June from a year-earlier to a fresh four-decade high. China is scheduled to unveil economic indicators – including gross domestic product, retail sales, fiscal revenue and bank borrowing – that will likely set the pace for monetary and fiscal stimulus for the rest of the year. Spot gold fell 0.5 per cent to $1,725.05 an ounce at 9:14 a.m. in Singapore, after falling 0.5 per cent in the previous session. The Bloomberg Dollar Spot Index was 0.2 per cent higher following its 1 per cent gain. Silver, platinum and palladium retreated. Tags China gold Platinum Silver Singapore US Federal Reserve 0 Comments You might also like Shift to EVs will have far-reaching impact, IMF says The future is here: OMODA & JAECOO user summit showcases high-tech cars, robots Aramco CEO ‘fairly bullish’ on China oil demand after stimulus roll-out Saudi Arabia ditches $100 crude target to win back market share