© Reuters Asian gold market: Spot gold falls below $1,780
Investing.com Investing.com In the Asian market on Friday (16th), the price of gold held steady, but fell 1.7% on the previous trading day, after many major central banks said rates interest rates were far from peaking, exacerbating the concern economy’s fears of recession.
As gold purchases picked up earlier this week amid signs of easing US inflationary pressures, gold prices reversed gains and weakened again after the Federal Reserve later warned that peak rates US interest rates may be higher than expected.
At the same time, the European Central Bank has also signaled that it will continue to hike interest rates, saying headline inflation remains above the bank’s target range.
However, weak economic data from the US and the Eurozone showed that these two economies are still struggling under the shackles of high inflation and rising interest rates.
At 14:17 Beijing time (01:17 New York time), Investing.com’s commodity market showed that the price rose 0.17% to $1,779.93 an ounce; the price rose 0.08% to $1,789.25 an ounce.
So far this week, gold prices are down about 1.1% as demand for safe-haven assets has increased.
Since the beginning of this year, as rising US interest rates have increased the opportunity cost of holding unprofitable assets, gold has essentially lost its safe-haven characteristics, while the US dollar has outperformed gold and has become the market’s favorite safe haven.
The Fed’s hawkish stance also hit other precious metals, which fell 2% for the week compared to a 1.9% loss.
However, most investors are still inclined to think that the Fed will weaken further in February next year.
It also rebounded slightly after falling 2.97% yesterday but is still down 2.4% this week. Renewed concerns over the outlook for the world’s second-largest economy have suppressed copper prices, but some people believe still that copper prices will still benefit from China relaxation next year Anti-epidemic restrictions.
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Compiler: Liu Chuan
