2023-06-30 17:35:00
Gold is heading to record its first loss in the last three quarters, today, Friday, under pressure from expectations of further US interest rate hikes.
And gold rose in the spot market 0.4 percent to 1916.09 dollars an ounce, while US gold futures contracts increased 0.3 percent to 1923.90 dollars an ounce, according to Archyde.com.
Prices fell 2.7% this quarter, retreating from near all-time highs due to US banking turmoil to below $1,900 on Thursday.
An increase in interest rates raises bond yields and thus increases the opportunity cost of holding non-yielding bullion.
“In the short term, the prospect of higher US interest rates combined with higher US real (Treasury) yields … might pose a continuing challenge to gold,” Ole Hansen, head of commodity strategy at Saxo Bank, said in a note.
And silver rose in spot trading 0.7% to 22.71 dollars an ounce, while platinum increased 0.8% to 901.20 dollars, and palladium rose 0.3%, recording 1233.46 dollars.
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