Gold prices fell to a three-week low on Friday, as a stronger dollar and expectations of a US Federal Reserve interest rate hike dented the yellow metal’s allure.<\/p>\n\n\n\n
By 0451 GMT, spot gold fell 0.3 percent to $1,752.89 an ounce, after falling to its lowest since July 28 at $1,751.01 earlier in the session. During the week, the precious metal fell 2.7 percent, and is heading to record its first weekly decline in five weeks.<\/p>\n\n\n\n
US gold futures fell 0.3 percent to $1,766.20.<\/p>\n\n\n\n
The dollar rose to a one-month high against rival currencies, making gold more expensive for buyers of other currencies.<\/p>\n\n\n\n
Several US Federal Reserve officials said Thursday that the central bank needs to continue increasing borrowing costs to control high inflation.<\/p>\n\n\n\n
Gold is strongly affected by the rise in US interest rates, which leads to an increase in the opportunity cost of owning the yellow metal, which does not yield a return.<\/p>\n\n\n\n
Among other precious metals, spot silver fell 0.9 percent to $ 19.35 an ounce and is heading to record the largest weekly percentage decline since late January.<\/p>\n\n\n\n
Platinum fell 0.4 percent to $907.84 an ounce, and palladium fell 0.3 percent to $2149.35.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices fell to a three-week low on Friday, as a stronger dollar and expectations of a US Federal Reserve interest rate hike dented the yellow metal’s allure. By 0451 GMT, spot gold fell 0.3 percent to $1,752.89 an ounce, after falling to its lowest since July 28 at $1,751.01 earlier in the session. During …<\/p>\n","protected":false},"author":9,"featured_media":61843,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[7770,6874],"class_list":["post-70494","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fomc-minutes","tag-gold"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/70494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=70494"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/70494\/revisions"}],"predecessor-version":[{"id":70495,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/70494\/revisions\/70495"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61843"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=70494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=70494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=70494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}