Gold falls with the rise of the dollar

Gold prices fell as the dollar rallied ahead of talks on trade between US and Chinese presidents, while palladium prices topped $ 1,200 an ounce for the first time.

US President Donald Trump and his Chinese counterpart Xi Jinping are expected to discuss the ongoing trade dispute between their two countries during a meeting on the sidelines of the G20 summit in Argentina, where global trade tensions are expected to dominate the agenda.

Spot gold fell 0.24 percent to $ 1221.37 an ounce late in the US session.

US gold futures fell 0.33 percent to settle at $ 1220.10 an ounce.
Gold prices ranged between $ 1210.65 and $ 1230.07 over the past two weeks.

Silver fell 1.2 percent to $ 14.13 an ounce.

Among other precious metals, palladium jumped to a record high above $ 1200 an ounce for the first time, before giving up and dropping 0.2 percent at $ 1178.49 late in the trading session.

But the metal, which is mainly used in automotive exhaust purifiers, ends the month with gains above 9 percent.
"There is a huge supply shortage of palladium in the current market, which translates into a fundamental support for the strong price of palladium," said Miguel Perez Santala, vice president of Hiros Metal Management in New York.

Platinum fell 2.75 percent to $ 795.55 an ounce, its fourth weekly decline in a row.

Platinum ends the month with a loss of more than 4 percent after posting gains in the previous two months.