2023-06-16 06:35:08
Gold prices fell today, Friday, heading towards recording a slight weekly decline, as dealers evaluated the recent US economic data and the Federal Reserve’s signals for further monetary tightening.
Spot gold fell 0.2 percent to $1,954.83 an ounce by 0450 GMT. US gold futures also fell 0.2 percent to $1,967.30.
The yellow metal fell to its lowest level in three months on Thursday, before changing course and ending the day higher following US economic data eased some concerns regarding the Federal Reserve’s signals regarding raising interest rates in the future.
Gold is considered a safe haven amid economic uncertainty, but high interest rates reduce the attractiveness of the yellow metal, which does not yield a return.
As for other precious metals, silver settled in spot transactions at $ 23.8451 an ounce, and platinum did not witness a significant change, recording $ 985.55. But the two metals are heading for a weekly loss.
Palladium settled at $1,397.90, and is on track to record its best weekly performance since April.
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