Gold Hits Lowest Point in Three Weeks

The price of gold reached its lowest mark in nearly three weeks today, Wednesday, as the dollar strengthened. The value of gold in the spot market dropped by 0.1 percent, hitting 3313.51 dollars per ounce at 0240 GMT, after descending to its lowest point since the first of August.

U.S. gold futures for December delivery also slightly dipped by 0.1 percent to settle at 3355.50 dollars. The dollar index rose, achieving its highest level in over a week, which makes gold less affordable for buyers using other currencies.

As for other precious metals, the spot value of silver decreased by 0.3 percent to reach 37.26 dollars per ounce. Conversely, platinum saw an increase of 0.2 percent, bringing its price to 1308.90 dollars, while palladium fell by 0.7 percent to 1106.83 dollars.