Gold in a week…consecutive losses as inflation and interest rates fears escalate
Saw The prices of goldand precious metals declined, with gold heading towards recording its largest weekly loss in six weeks yesterday, Friday.
The price of Gold in spot transactions reached $3,988.20 per ounce, after recording earlier in the session the lowest level since the beginning of July. $4,029.29 per ounce by 05:18 GMT.
Gold prices also fell on Wednesday, as rising oil prices fueled fears of inflation and uncertainty about US interest rate expectations, which negatively affected the precious metal.
The price of gold in spot transactions fell by 0.6% to $4,028.43 per ounce, by 04:43 GMT, and futures contracts declined. US gold (August delivery) rose by 0.8% to $4,035.50.
As for Tuesday, gold prices rose by more than 2% during trading, supported by data showing a slowdown in inflation in the United States more than expected, which strengthened expectations that the US Federal Reserve would ease monetary policy.
Gold rose in spot transactions by 2.1% to reach $4,083.99 per ounce, while US contracts rose. Gold futures rose by 2.2% to $4,091.80.
On Monday, gold prices fell sharply, as fears of the closure of the Strait of Hormuz pushed oil prices higher, reviving expectations of raising interest rates to counter inflationary pressures resulting from escalating hostilities in the Middle East.
The price of gold in spot transactions fell by 1.5% to $4,060.36 per ounce by 05:41. GMT. US gold futures (August delivery) also fell by 1.1% to $4,068.30. Complete the address
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