Gold drops below $4,300 amid weekly decline
Gold prices declined to around $4,270 per ounce amid expectations of a continued strengthening of the dollar and the Federal Reserve maintaining high interest rates to further combat inflation. This has resulted in a weekly drop of more than 2%. The rise in the dollar and comments from American central bank officials about the possibility of raising interest rates again have reduced gold's appeal as a safe haven, given that higher interest rates support yield-bearing assets. Additionally, the prices of other precious metals also fell, with silver dropping 0.5% to $63.58, palladium decreasing 1.3% to $1,257.70, while platinum remained stable at approximately $1,749.61.
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