Gold Prices Fall For The Week As US Inflation Fuels Rate Hike Concerns
New York: Gold prices edged lower on Friday, recording a weekly decline as investors assessed the prospect of another US Federal Reserve interest rate hike this year following a series of stronger-than-expected inflation readings.
Spot Gold fell 0.1% to $4,165.12 an ounce, down 0.7% for the week.
However, US Gold futures for December delivery rose 0.3% to $4,181.10 an ounce.
US producer prices posted their biggest increase in four and a half years last month, data released on Thursday showed, following figures a day earlier indicating that consumer inflation accelerated in September.
Although Gold is traditionally seen as a hedge against inflation, higher interest rates tend to weigh on the precious metal because it does not offer an income.
Elsewhere, spot silver fell 0.7% to $57.05 an ounce, while platinum was steady at $1,626.15. Palladium dropped 1.1% to $1,113.61. All three metals recorded weekly losses.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment