Gold stable near the lowest level in two years

Gold prices stabilized on Friday, near their lowest level in more than two years, and are on track to record their worst weekly performance in two months, after expectations of a large interest rate hike by the Federal Reserve (the US central bank) raised bond yields. Which extinguishes the luster of the precious metal.

And gold fell in spot transactions 0.1 percent to $ 1661.97 an ounce by 0724 GMT, after hitting its lowest level since April 2020 at $ 1658.30. Prices have fallen by 3.2 percent since the beginning of the week so far.

US gold futures fell 0.4 percent to $1,670.50.

This comes as US 10-year Treasury yields are near their highest level since June, while the dollar is set to record a weekly rise against its rivals.

Gold is very sensitive to raising US interest rates, as it increases the opportunity cost of holding non-yielding bullion.

As for other metals, silver fell in spot transactions 0.9 percent to $ 18.98 an ounce. Platinum fell 1.7 percent to $889.19, and palladium fell 1.7 percent to $2,099.54.