18 Hrs
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الاقتصادية
Gold Falls 3% on Rate Hike Anticipation
Gold prices fell by more than 3% during Friday's trading session, due to expectations of a US interest rate hike reinforced by Federal Reserve Chair Jerome Powell's comments, which confirmed that inflation is not slowing enough to return to the target of 2%. This led to increased prospects of tightening monetary policy, with the odds of a rate hike in September rising to about 58%, up from 36% before the remarks, amid the rise of the dollar, which increases the cost of the metal. Additionally, the prices of other precious metals such as silver and platinum declined, while palladium rose by 5.3%.
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