Gold is trading at its lowest level since the second of last February, below the levels of $ 1800 per ounce at levels of $ 1797, down by about 0.70% this morning, Monday, May 16 (May), with the opening of the European session, where the selling momentum of the yellow metal increased in the last three sessions and a loss of more than 50 dollars.

The report issued by the Commodity and Futures Trading Commission CFTC, known in short as the COT report, showed a decline in the purchasing positions of gold for major investors last week, as the volume of purchasing positions amounted to 193,315 thousand contracts, compared to 199,168 thousand contracts in the previous week.

The yellow metal is directly affected by the US Federal Reserve’s tightening of monetary policy and the raising of interest rates at a strong pace, as markets’ expectations rose for the Fed to raise interest rates by 75 basis points at the June meeting, and accordingly the yellow metal is severely affected.

Silver, in turn, is trading at levels of $21.07 per ounce, down by about 0.01%, after it tested its lowest level since July 2020 at the end of last week at 20.42.

The yellow metal loses the levels of 1800 dollars for the first time since FebruaryPlatinum, in turn, is trading at levels of 936.43 dollars, down by 0.22%, while palladium loses about 0.10% when it is trading at 1.941 dollars.