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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
US gold futures fell 0.4 percent to $1,670.50.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Gold is very sensitive to raising US interest rates, as it increases the opportunity cost of holding non-yielding bullion.<\/p>\n\n\n\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 …<\/p>\n","protected":false},"author":9,"featured_media":62122,"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":[6874,6984,6871],"class_list":["post-72320","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gold","tag-treasury-yields","tag-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72320","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=72320"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72320\/revisions"}],"predecessor-version":[{"id":72321,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72320\/revisions\/72321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/62122"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=72320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=72320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=72320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}