Gold loses ground amid US dollar rise

Gold prices experienced a decline on May 7 amid a rise in the US dollar, evaluation of the US monetary policy and geopolitical tensions in the Middle East.

Gold futures for June delivery fell 0.3%, or $7, to $2,324.2 per ounce.

The dollar index, which measures the US currency against a basket of six main currencies, rose 0.25% to 105.31 points at 8:45 pm Makkah time.

Federal Reserve Bank of Minneapolis President Neel Kashkari said it’s likely the central bank will keep interest rates where they are “for an extended period of time” until officials are certain inflation is on track to their target.