2023-06-23 11:35:00
© Archyde.com. FILE PHOTO: Bars of 99.99 percent pure gold are placed in a working room at the Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia. January 31, 2023. REUTERS/Alexander Manzyuk
Por Deep Kaushik Vakil
June 23 (Archyde.com) – Gold prices posted their biggest weekly percentage drop in more than four months on Friday, weighed down by the strength of the dollar and the hawkish stance of policymakers at the Federal Reserve on interest rate hikes. .
* At 1700 GMT, spot gold was up 0.3% at $1,918.79 an ounce, following rising as much as 1.2% on lower US Treasury yields. US gold futures were up 0.3% at $1,928.90.
* However, the is down almost 2% on the week and has lost more than $150 since breaking above the key $2,000 level in early May.
* The was up 0.6%, hitting a one-week high once morest its rivals and making the bullion less attractive to holders of other currencies.
* “(Fed Chairman Jerome) Powell was pretty tough, he’s in favor of more interest rate hikes and he doesn’t see any rate cuts any time soon. That’s pretty bearish for metals,” Phillip Streible said. , of Blue Line Futures in Chicago.
* For her part, San Francisco Fed President Mary Daly told Archyde.com in an interview that two more rate hikes this year is a “very reasonable” projection.
* Gold is very sensitive to US rate hikes as the opportunity cost of holding it increases.
* In other precious metals, spot prices rose 0.3% to $22.31 an ounce, capping its biggest weekly drop since October 2022; the yielded 0.2%, to $921.44, closing its worst week since August 2022; and the stabilized at $1,283.29, following hitting its lowest since May 2019 on Thursday.
(Reporting by Deep Vakil and Brijesh Patel in Bengaluru; editing in Spanish by Carlos Serrano)
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