Global Markets Fall: Gold Price Hits Lowest Level

Gold prices hit their lowest level in two weeks on the global market. Gold prices fell about 2 percent to $3,222.66 per ounce on Thursday (May 1), the lowest since April 15.

Analysts said positive signals from the US administration on a trade deal and the strong dollar were the main reasons for the decline. “The prospect of a trade deal and the strength of the dollar are putting pressure on gold,” said UBS analyst Giovanni Staunovo.

US gold futures also fell 2.7 percent to $3,230.80 per ounce. At the same time, the dollar index rose 0.3 percent, making dollar-denominated gold more expensive for international buyers.

Along with gold, other precious metals also fell.
🔹 Spot silver: down 1.8% to $31.99 per ounce
🔹 Platinum: down 1% to $956.63
🔹 Palladium: up 0.3% to $941.10

The dollar's strong position in the global market and trade expectations are expected to lead to further fluctuations in the prices of precious metals in the coming days.