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الوئام
Gold declines ahead of Fed rate hike
Gold prices declined during Friday's trading, heading towards posting a weekly loss. This came after U.S. employment data was released, showing figures higher than expected, which increased the likelihood of the Federal Reserve raising interest rates in September. Gold fell by 1.1%, reaching approximately $4,423 per ounce, while U.S. futures contracts dropped by 1.5%, and the dollar strengthened, adding pressure on prices. The data indicated a significant increase in job growth in August, with the unemployment rate holding steady at 4.1%, thereby boosting the case for rate hikes. This reduces the appeal of the precious metal, which does not generate income, as investors await upcoming inflation data to make a final decision on monetary policy. Meanwhile, other precious metals such as silver, platinum, and palladium also declined, as markets await U.S. inflation data essential for Federal Reserve decisions and the potential interest rate hikes in September.
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