Gold prices fell today, as the strength of the dollar overshadowed the support resulting from the US Congress's approval of a long-awaited aid package of nearly $ 900 billion linked to the Corona virus.

Gold fell in the spot market by 0.3 percent to $ 1870.69 an ounce, by 07:02 GMT, while the metal fell in futures trading in the United States by the same rate to $ 1876.90.

An expert said that the market witnessed some profit-taking deals after the United States approved a stimulus package and the rise of the dollar.

Gold has risen 23 percent this year, mainly driven by a series of stimulus measures due to the pandemic, raising fears of inflation. The precious metal is often used as a hedge against inflation.

As for the other precious metals, silver fell 1.6 percent to $ 25.74 an ounce. Platinum fell 2 percent to $ 989.27, while palladium rose 0.1 percent to $ 2,310.75.

Source: Reuters

By:Nadeemy Haded