2023-08-25 07:13:15
normal
August 25, 2023
11:13 a.m
Gold prices fell on Friday, with the dollar rising to the highest level in ten weeks, but the precious metal is heading to record the best performance in six weeks, ahead of a speech by Federal Reserve Chairman (US Central Bank) Jerome Powell that might provide clues regarding interest rate movements.
Gold futures fell 0.2 percent to $1913.10 an ounce by 0527 GMT. US gold futures fell 0.3 percent to $1,941.30.
Gold has risen regarding 1.3% since the beginning of the week, which might be the first week of gains this month, with prices climbing to the highest level since August 10, Thursday.
“Powell might bring gold back to $1,900 and might raise it to $1,940,” said Matt Simpson, chief analyst at City Index.
“It is clear that the strength of the dollar is a headwind for gold,” he added.
And the dollar is on its way to gaining for the sixth week in a row, which makes gold more expensive for buyers holding other currencies.
For more clues regarding the path of interest rates, investors will focus on remarks by Powell and European Central Bank President Christine Lagarde expected later in the day at an annual economic symposium in Jackson Hole, Wyoming.
As for other precious metals, silver fell in spot transactions by 0.4 percent, to $ 24.05 an ounce, and platinum settled at $ 932.60. Palladium fell 0.7 percent to $1,232.13.
Silver and platinum are heading for their best week since July 14. Palladium is regarding to decline for the second week in a row.
(Archyde.com)
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