I withdrew Gold prices today, Friday, are heading towards their second weekly decline With the yield on US Treasuries approaching its highest level in recent years, following solid labor market data and monetary tightening statements by US central bank officials, which have undermined appetite for the metal valuable.
At 01:18 GMT, gold stabilized in spot trades at $ 1627.2 an ounce, while this week it was down 0.8%.
And US gold futures fell 0.4% to $ 1,630.1 an ounce, according to “Reuters”.
With the current inflation situation, “the central bank is actively trying to slow the economy and will continue to raise interest rates for a while,” Federal Reserve Chairman Patrick Harker in Philadelphia said Thursday.
Although gold is considered a hedge against inflation, higher interest rates increase the opportunity cost of holding the precious metal, which does not pay interest.
As with other precious metals, silver fell in spot transactions by 0.2% to $ 18.63 an ounce.
Platinum fell 0.4% to $ 910.30 an ounce, while Palladium fell 1.4% to $ 2,028.43 an ounce.
