2023-06-09 04:58:01
gold
Gold prices fell on Friday, after rising more than 1 percent in the previous session, but hopes that the US Federal Reserve will not raise interest rates made the yellow metal heading for weekly gains.
And by 0304 GMT, spot gold fell 0.2 percent to $ 1964.79 an ounce, but it is heading to record a weekly rise of 0.9 percent. US gold futures settled at $1979.80.
Tim Waterer, senior market analyst at KCM Trade, said that the number of Americans who filed new applications for unemployment benefits supported expectations that the US central bank would pause interest rate hikes in June, and the resulting decline in Treasury yields allowed the price of gold to rise. .
He added that a slight decline is normal after the rise in light of some profit-taking operations.
The dollar index hovered near the lows it reached in the previous session. A weaker dollar makes gold less expensive for overseas buyers.
Attention now turns to the US consumer price inflation report for May, which is scheduled for release on June 13 before the central bank meeting, which will provide investors with greater clarity on the strength of the world’s largest economy.
On Thursday, the International Monetary Fund urged the Federal Reserve and other global central banks to “stay the course” on monetary policy and remain vigilant in the fight against inflation.
Raising interest rates increases the opportunity cost of holding non-yielding gold.
As for other precious metals, spot silver rose 0.4 percent to $24.3387, and palladium rose 0.3 percent to $1,365.39.
Platinum rose 0.5% to $1,015.48, heading for record gains after falling for two consecutive weeks.
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