Weekly Gold Harvest Recap

Global gold prices declined by 0.7% last week, due to the pressure from the rising US dollar and expectations of interest rate hikes, in addition to ongoing high inflation rates in the United States. The ounce reached a low of $4,073 before rebounding to close the week at $4,165, down from the opening level of $4,189. Prices fluctuated sharply after breaching the $4,100 level for a period, amid expectations of further interest rate increases following the release of September's inflation data. Additionally, the US dollar reaching its highest level in 18 months and the decline in US bond yields contributed to increased pressure on gold prices, as the yield on ten-year bonds fell to its lowest in three weeks, boosting the appeal of the precious metal.

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