Gold prices moved in a narrow range on Friday, as the dollar stabilized near a 20-year peak, and the prospect of a larger Federal Reserve interest rate hike in the future undermined the non-yielding yellow metal’s allure.<\/p>\n\n\n\n
And gold settled in spot transactions at $ 1670.19 an ounce by 0658 GMT.<\/p>\n\n\n\n
US gold futures fell 0.2 percent to $1,678.20.<\/p>\n\n\n\n
A number of central banks, from Indonesia to Norway, raised interest rates on Thursday, following the lead of the US Central Bank, which raised rates for the third time in a row by 75 basis points.<\/p>\n\n\n\n
The actions taken by the major central banks have led to fears of a global recession.<\/p>\n\n\n\n
Although gold is seen as a hedge in times of high inflation and economic uncertainty, raising interest rates weakens its attractiveness because it does not generate any return.<\/p>\n\n\n\n
Gold prices have fallen nearly 20 percent since they topped the $2,000 mark an ounce in March.<\/p>\n\n\n\n
The dollar index is still near its highest level since 2002, which it touched on Thursday.<\/p>\n\n\n\n
As for other precious metals, spot silver fell 0.3 percent to $19.60 an ounce, and palladium fell one percent to $2148.01. Platinum also fell 0.7 percent to $894.27, bringing its losses this week to 1.8 percent, and it recorded the first weekly decline in three weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices moved in a narrow range on Friday, as the dollar stabilized near a 20-year peak, and the prospect of a larger Federal Reserve interest rate hike in the future undermined the non-yielding yellow metal’s allure. And gold settled in spot transactions at $ 1670.19 an ounce by 0658 GMT. US gold futures fell …<\/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":[6885,6868,6874,8168],"class_list":["post-72765","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-fomc","tag-gold","tag-safe-haven"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72765","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=72765"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72765\/revisions"}],"predecessor-version":[{"id":72766,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72765\/revisions\/72766"}],"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=72765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=72765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=72765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}