Gold heads for fourth weekly loss on calls for more rate hikes
Gold heads for fourth weekly loss on calls for more rate hikes
July 07, 2023 / 4:24 PM
Share
Sharjah 24 – BNA: Gold prices on Friday were on track for a fourth consecutive weekly loss as recent U.S. jobs data and hawkish comments from Federal Reserve policymakers strengthened bets for higher-for-longer interest rates, weighing on non-yielding bullion.
Spot gold held steady at $1,912.39 per ounce by 0505 GMT, but down 0.3% for the week. U.S. gold futures ticked up 0.1% to $1,918.00.
Spot silver fell 0.2% to $22.7009 per ounce, platinum held steady at $902.40, reports Reuters.
BofA Global Research cut the 2023 price forecast for gold and other precious metals, adding that silver could outperform as the global economy bottoms out and in 2024. Palladium rose 0.2% to $1,244.18, but headed for a 1.3% weekly gain.
For an optimal experience, please
