54 Days
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الاقتصادية
Interest rate bets weigh on gold before speech
Gold prices declined on Friday, nearing their lowest levels in three months, as investors awaited remarks from U.S. Federal Reserve Chair Jerome Powell and considered the impact of expectations for continued interest rate hikes on the market. The spot gold price fell by 0.42% to $4,583.64 per ounce, after reaching its highest level in over three months at $4,696.18 on Tuesday, following the U.S. government's announcement of measures to support long-term bonds. Additionally, U.S. gold futures declined by 0.7% to $4,632.40. Powell is expected to deliver his speech today amid concerns over ongoing inflation and its effect on interest rate hike expectations, which the market sees as likely at 33.7% in September and 74.2% in December. This pressure is weighing on gold, which typically declines in a high-interest-rate environment despite its role as an inflation hedge, as well as its continued support for investment funds and official demand.
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