Gold prices fell on Friday, with the dollar restoring its upward trajectory, but expectations of a less sharp interest rate hike from the US Central Bank put the yellow metal on the path to achieving a small weekly gain.<\/p>\n\n\n\n
And gold fell in spot transactions 0.2 percent to $ 1751.49 an ounce (an ounce) by 1201 GMT, retreating from the highest level in a week that it reached earlier in the session. Gold has risen 0.1 percent so far this week.<\/p>\n\n\n\n
But US gold futures rose 0.4 percent to $1,752.10.<\/p>\n\n\n\n
The dollar index rose 0.2 percent, making it more expensive for overseas buyers to hold dollar-denominated gold. But the US currency is on its way to record a weekly loss.<\/p>\n\n\n\n
Craig Erlam, chief market analyst at OANDA, said that the minutes of the US Federal Reserve meeting for the month of November likely gave gold a boost to the rise, and if other data paved the way, that push would have enabled gold to rise again.<\/p>\n\n\n\n
He added that gold appears to have stabilized in a range it has recently moved between $1,730 and $1,780.<\/p>\n\n\n\n
Minutes of the November 1-2 meeting on Wednesday showed that a “significant majority” of Fed policymakers agreed that it “would soon be appropriate” to slow the pace of interest rate hikes.<\/p>\n\n\n\n
Gold is a hedge against inflation, but high interest rates discourage investment in the precious metal, which does not yield a return.<\/p>\n\n\n\n
Silver fell 1.1% to $21.28, but rose 1.8% for the week. Platinum in spot transactions fell 0.7 percent to $981.01 an ounce. Palladium fell 1.2 percent, recording $ 1,857.24, and is on its way to recording a weekly loss.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices fell on Friday, with the dollar restoring its upward trajectory, but expectations of a less sharp interest rate hike from the US Central Bank put the yellow metal on the path to achieving a small weekly gain. And gold fell in spot transactions 0.2 percent to $ 1751.49 an ounce (an ounce) by …<\/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":[6885,6874,8143,6984],"class_list":["post-76261","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-gold","tag-interest-rate-hikes","tag-treasury-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76261","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=76261"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76261\/revisions"}],"predecessor-version":[{"id":76262,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76261\/revisions\/76262"}],"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=76261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=76261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=76261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}