Gold at One Week-Low as Higher Oil, Hawkish Fed Weigh
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(Dan Tri Newspaper) - Pressure from escalating energy prices and the Fed's aggressive tightening message are causing gold prices to face a more than 2% drop this week, despite a slight recovery at the end of the week.
Gold is losing ground this week as markets reassess the path of U.S. interest rates. First, high energy prices are fueling inflation concerns. At the same time, inflationary pressures are pushing up Treasury yields. That’s why investors are increasing bets on further rate hikes by the Fed. On Friday, gold gained 0.2% to $4,283.34 an ounce in Singapore. However, the precious metal is down about 2% from the previous Friday. In addition, newer data…
The Fed's stake is again becoming the main risk to the market.
Gold Prices Hit a Weekly Low, as Oil Rises and the Fed's Hawkish Stance Weigh. (Photo: Pexels)
The spot gold dropped 0.5% to $4,265.50 per ounce, having reached its lowest level since September 16. The futures of American gold for delivery in December closed with a fall of 0.5% to $4,298.
The price of gold fell today Thursday to its lowest level in a week, affected by rising oil prices and a shift to a tighter monetary policy, which reinforced expectations of rising the flow of oil.
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