Gold Likely to Fall Over 2% This Week
Gold prices declined today, Friday, heading for a weekly loss due to the strength of the US dollar and expectations that the Federal Reserve will continue to raise interest rates to curb inflation. The spot gold price fell by 0.2% to $4,270.83 per ounce, marking a decline of over 2% since the beginning of the week, while US futures contracts for gold rose to $4,305.10, according to CNN. Other precious metals also saw declines, with silver down by 0.5% to $63.59, platinum down by 0.1% to $1,746.36, and palladium dropping by 1.9% to $1,249.71. All are headed toward weekly losses as investors intensify their focus on US monetary policy trajectory and its impact on the appeal of precious metals.
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