Gold prices fall in 6 weeks

D + D – Normal size

Gold is set to record its worst week since late November on Friday, hitting a six-week low as the dollar rose amid expectations that the US Federal Reserve will raise interest rates in March.

At 1203 GMT, spot gold was down 0.6 percent at $ 1,785.10 an ounce and US gold futures were down 0.5 percent at $ 1,784.40.

Gold prices soared for more than two months a week as rising tensions and rising market volatility in Ukraine spurred interest in the safe haven metal.

Prices have fallen by about four per cent since the federal government reaffirmed plans to end its epidemic-time bond purchases and signaled a rate hike in March.

Among other precious metals, silver fell 1.1 percent to $ 22.49 an ounce during spot trading, down seven percent this week.

Platinum was down 2.1 percent at $ 1,000.96 an ounce and Palladium was down 2.5 percent at $ 2,317.71.

Print
Email




See also  Gold rises as the dollar depreciates and confidence in Ukraine falls
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 73 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space