Business & Economy

The dollar is rising strongly and gold is falling

The US dollar has risen to the highest level against global currencies in 20 years driven by interest rate hikes and fears of economic recession.
Several major currencies, including the euro and sterling, fell against the dollar in today’s trading.
Gold prices slumped on Wednesday, driven by a surge in the dollar price and U.S. Treasury yields to higher levels in several years after tough remarks from Federal Council officials that boosted expectations for a sharp rise in interest rates.
The price of gold in spot transactions fell 0.3% to $1,624.12 per ounce, approaching the two-and-a-half-year low of $1620.20 touched earlier in the week.

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