Gold prices fell by nearly 1% Thursday, December 15th, after Jerome Powell, Chairman of the Federal Reserve, said that next year will witness more interest rate hikes.<\/p>\n\n\n\n
Gold in spot transactions fell 0.9% to $1791.23 an ounce, further retreating from the peak of more than 5 months that it recorded on Tuesday, and US gold futures fell 0.9%, recording $1802.10.<\/p>\n\n\n\n
Yesterday, Wednesday, Powell said that the US central bank will adopt more interest rate hikes next year, even though the US economy is sliding towards a possible recession, and he explained that the economy will incur a higher price if the central bank does not curb inflation strongly.<\/p>\n\n\n\n
Gold is known as a hedge against inflation, but high interest rates tend to weaken its attractiveness because it increases the opportunity cost of holding non-returnable metal.<\/p>\n\n\n\n
The dollar index rose 0.1%, as a stronger dollar makes gold more expensive for buyers from abroad.<\/p>\n\n\n\n
As for other precious metals, silver fell 2.7% to $23.24 an ounce, platinum fell 1.1% to $1017.25, while palladium fell 0.7% to $1903.18.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices fell by nearly 1% Thursday, December 15th, after Jerome Powell, Chairman of the Federal Reserve, said that next year will witness more interest rate hikes. Gold in spot transactions fell 0.9% to $1791.23 an ounce, further retreating from the peak of more than 5 months that it recorded on Tuesday, and US gold …<\/p>\n","protected":false},"author":9,"featured_media":71340,"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],"class_list":["post-77192","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gold"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77192","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=77192"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77192\/revisions"}],"predecessor-version":[{"id":77193,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77192\/revisions\/77193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/71340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=77192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=77192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=77192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}