Gold in a week…the precious metal declines due to inflation and interest concerns
UndoGold By about three percent at the end of the week, after a jobs report in the United States reinforced that the Federal Reserve may keep interest rates at high levels for a longer period amid inflation fears; Because The War in the Middle East.
And it fell Gold In spot transactions, 2.96 percent to $4,341.52 per ounce, after falling to the lowest level since March 24 earlier in the session.
Long-term momentum
An economic analysis believes that Geopolitical fluctuations, global reserve diversification processes, continued central bank purchases, along with Chinese demand and sovereign debt concerns, may return momentum to gold in the long term, despite continued short-term pressures related to inflation and energy markets.
And last Wednesday, Gold prices fell, as tensions escalated again in Middle East And the rise in oil prices, at a time when the US-Iranian talks faltered, while investors await the release of important US economic data to evaluate the path of monetary policy.
And it decreasedGold In spot transactions, by 0.3% to $4,471.38 per ounce by 05:11 GMT, after recording gains of more than 1% during the previous session, while US gold futures contracts for August delivery fell by 0.5% to $4,499.30 per ounce.
Rise and then weekly losses
Gold prices rose the next day, Thursday, supported by lower pricesOilThe dollar fell, amid investors’ expectations of the possibility of reaching a settlement to the American-Israeli war on Iran.
And it roseGold In spot transactions, it rose by 0.8% to $4,468.84 per ounce by 05:59 GMT, while US gold futures for August delivery rose by 0.7% to $4,495.70 per ounce.
And on Friday, it declined Gold prices, and tended to incur a weekly loss, amid rising inflation and fears of increasing interest rates.
And it fell Gold In spot transactions, by 0.3% to $4,462.22 per ounce, declining by about 1.6% since the beginning of the week until now.
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