Last update: April 22, 2022 10:47 PM
gold
Gold fell one percent today, Friday, on its way to recording the largest weekly decline since mid-March, as indicators led to a rapid increase in interest rates by the US Federal Reserve, which led to a rise in the yields of Treasury bonds and the dollar.
And the price of gold in spot transactions fell 0.9 percent to $ 1934.06 an ounce by 1826 GMT, following touching its lowest level in two weeks. Prices are down 2.1 percent for the week so far.
And US gold futures fell 0.7 percent to settle at $1,934.3 an ounce.
Federal Reserve Chairman Jerome Powell said on Thursday that a half-point rate increase would “be on the table” when the central bank meets in May.
The 10-year US Treasury bond yield extended its gains on the back of the Federal Reserve’s hawkish statements in its efforts to control the high inflation rate.
Although gold is considered a safe haven during high inflation rates, raising interest rates to curb price increases increases the opportunity cost of holders of the precious metal that does not generate interest.
As for other precious metals, silver fell in spot transactions by 1.6 percent to $24.24 an ounce, heading for its biggest weekly decline since late January, down regarding 5.6 percent so far.
Platinum fell 3.9 percent to $930.04 an ounce, and palladium fell 1.7 percent to $2381.03.
