Gold prices settled in a narrow range on Friday after caution prevailed ahead of next week’s much-watched Federal Reserve meeting for any signs of a slowing in interest rate hikes.<\/p>\n\n\n\n
Gold prices did not witness little change in spot transactions and amounted to $ 1663.62 an ounce by 0521 GMT, while US gold futures rose 0.1 percent to $ 1666.30<\/p>\n\n\n\n
While the Fed will likely announce another 75 basis points increase in interest rates at its meeting next week, traders expect a half point increase in December.<\/p>\n\n\n\n
The sharp hike by the US central bank in interest rates since March has led to a 9 percent drop in gold this year, because it increased the opportunity cost of holding the non-yielding precious metal while strengthening the dollar at the same time.<\/p>\n\n\n\n
As for other precious metals, silver fell in spot transactions 0.7 percent to $ 19.44 an ounce.<\/p>\n\n\n\n
Platinum settled at $960.13, but rose more than two percent during the week. And palladium rose 0.3 percent to $ 1946.63, but it is headed for a weekly decline of more than three percent.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices settled in a narrow range on Friday after caution prevailed ahead of next week’s much-watched Federal Reserve meeting for any signs of a slowing in interest rate hikes. Gold prices did not witness little change in spot transactions and amounted to $ 1663.62 an ounce by 0521 GMT, while US gold futures rose …<\/p>\n","protected":false},"author":9,"featured_media":70951,"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":[6932,6885,8143],"class_list":["post-74758","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-boc","tag-fed","tag-interest-rate-hikes"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/74758","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=74758"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/74758\/revisions"}],"predecessor-version":[{"id":74759,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/74758\/revisions\/74759"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/70951"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=74758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=74758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=74758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}