Gold records its fourth weekly loss

2023-07-07 22:04:49

Yesterday, gold prices incurred their fourth consecutive weekly loss. As data on US jobs and comments in favor of monetary tightening from policy makers in the Federal Reserve (the US central bank) reinforced bets on raising interest rates for a longer period, which affected the yellow metal, which does not yield a return.

During trading, gold settled in spot transactions at $ 1910.20 an ounce, but it fell 0.5% during the week. And the US gold futures contracts recorded 1916.00 dollars, almost unchanged.

An increase in the number of private sector jobs in the United States indicates a strong labor market despite the increased risk of a recession from raising interest rates.

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