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Gold Extends Third Weekly Loss on U.S. Inflation Outlook
Gold prices are heading towards a third consecutive weekly loss, despite a slight increase today, as investors await U.S. inflation data and the possibility of the Federal Reserve raising interest rates. The spot price of gold has fallen about 2% since the beginning of the week, but today it rose by 0.8% to approximately $4,352 per ounce, while U.S. gold futures declined by 0.3%. A higher-than-expected consumer price index reading is expected to increase the chances of multiple rate hikes, putting pressure on gold, which does not generate yields, especially as Treasury yields and the dollar rise. Additionally, geopolitical tensions in the Middle East and the ongoing increase in oil prices above $100 per barrel are contributing to continued inflationary pressures. Regarding other precious metals, silver saw a modest increase of 0.6% to reach $63.93, but it remains over 3% lower for the week. Platinum rose by 1.2% to $1,798.63, and palladium increased by 1.4% to $1,299.91, with some of these metals expected to finish the week with losses by the end of trading.
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