Gold prices fell more than 1% at the end of the week, Friday, posting the fourth consecutive weekly decline, due to pressures stemming from the rise in the dollar and expectations that the US Central Bank will raise interest rates at a significant rate.
And gold lost regarding 4% during the week, to close Friday’s trading in spot transactions at $ 1808.89 an ounce, following falling earlier to $ 1798.86 an ounce, the lowest level since the fourth of February.
And US gold futures fell 0.9%, on Friday, to $ 1808.20 an ounce at the settlement.
And the dollar is near its highest level in 20 years, with continuing fears that the moves of the US central bank to counter inflation pressures will negatively affect global economic growth. Raising the US interest rate and increasing the yield on Treasury bonds increases the opportunity cost of holding gold.
As for other precious metals, silver rose 1.6 percent, Friday, to $ 20.98 an ounce, but it fell regarding 6 percent this week, in the largest decline since late January. At the end of the week, platinum fell 0.8 percent to $ 936.51 an ounce.
And palladium rose 1.5 percent, on Friday, to $ 1936.83 an ounce, following losing more than 8 percent on Thursday.
Gold falls for the fourth week.. the rise of the dollar loses its luster
