© Archyde.com. Gold bars in a photo from the Archyde.com archive.
(Archyde.com) – It fell on Friday, heading for a weekly loss, following signals from Federal Reserve officials (the US central bank) to wait for more interest rate hikes as the bank seeks to reduce inflation.
It fell 0.4% to $1,753.95 an ounce by 1654 GMT, and is expected to post a weekly loss of 0.9%, the largest since mid-October.
US gold futures also lost 0.4 percent, to $1,756.70 an ounce.
David Meagher, director of metals trading at High Ridge Futures, said that the slight decline in the price of gold following its recent rise was due to technical reasons in the gold market.
Federal Reserve President Susan Collins said in Boston on Friday that the US central bank has more interest rate hikes in store in the future as it seeks to reduce inflation, adding that an increase of 75 basis points is still on the table.
And it stabilized, making gold more expensive for holders of other currencies, while the American return rose slightly.
It rose in spot transactions by 0.3 percent to $21.02 an ounce, but it is expected to incur a weekly loss of 2.9 percent.
The price of platinum increased 0.2 percent to 983.25 dollars, while it fell 2.3 percent to 1960.88 dollars, and both are on their way to record weekly losses.
(Prepared by Mahmoud Abdel Gawad for the Arabic Bulletin – Edited by Duaa Mohamed)
