Gold sees 0.7% weekly decline
Gold prices declined by 0.7% during the week amid expectations that the U.S. Federal Reserve will raise interest rates again this year, following the release of higher-than-expected American inflation data. The spot price dropped to $4,165.12 per ounce, while futures increased to $4,181.10. The recent rise in producer prices is the largest in four and a half years, which diminishes gold’s appeal as an inflation hedge, especially with interest rates on the rise. Other precious metals also experienced declines, with silver falling to $57.05 and palladium to $1,113.61, while platinum remained steady at $1,626.15.
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