Gold prices fall after 7-week rise
Gold prices declined after a seven-week rally, as the release of US inflation data approaches, which will determine the future path of interest rates. The spot price of gold fell by 0.5% to $4,322.28 per ounce, after reaching its highest level since June 17th, boosted by weaker-than-expected US employment data and negative revisions to previous employment figures. The price of gold futures declined by 0.4% to $4,381.60, amid reduced likelihood of interest rate hikes following the US economic data, making gold more attractive as a safe haven—especially with lower interest rates and lack of yielding returns. Additionally, other precious metals like silver, platinum, and palladium also fell amid market anticipation of further data that could influence the direction of these metals' prices.
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