Palestine Economy Portal.

Gold fell more than two percent, dropping from the important level of $ 1900 an ounce on Wednesday, as the dollar’s ​​rise again forced investors in the precious metal to re-evaluate their positions after a record high price.

Spot gold fell 2.5 percent near its lowest level in three weeks of $ 1863.67, to resume its free fall after it stopped falling for a while in early trading. Gold fell 1.6 percent to 1,881.55 dollars, extending its losses after tumbling 6 percent on Tuesday.

US gold futures fell 2.8 percent to $ 1892.

Silver prices fell 3.3 percent to $ 23.96 an ounce, after falling 15 percent in the previous session.

“It seems that some recovery is emerging from the gold market,” said Kyle Roda, an analyst at IG Markets. “It appears that it is possible now to test the support level at $ 1,800.

“A lot depends on US revenues and the factors driving them at the moment. Also, the strength of the dollar is very important for us to follow it over the next few days and weeks.”

And a jump in US Treasury yields helped the dollar to continue its winning streak, increasing the cost of gold to holders of other currencies. Higher returns also increase the opportunity cost of holding the yellow metal that does not generate a return.

Gold suffered its biggest one-day drop in more than seven years on Tuesday as stocks rose and the dollar rose. But growing uncertainty over a US stimulus deal weighed on Asian stocks on Wednesday.

As for the other precious metals, platinum fell 0.3 percent to $ 927.60, while palladium rose 1.1 percent to $ 2,133.49.