2023-04-22 11:55:12
Gold prices declined during the past week, following the last trading session, Friday, ended in the red range, due to the rise of the US dollar.
Data released Thursday showed more Americans are filing for unemployment benefits.
Separate data also showed that factory activity in mid-Atlantic states fell to its lowest level in nearly three years in April.
price movements
During the past week, the spot gold price fell by 1.05 percent to reach the level of $1983.06 an ounce.
On Friday, the yellow metal declined by 1.08 percent.
Cleveland Fed President Loretta Mester said Thursday that the Fed will make more interest rate hikes, but noted that the cycle of aggressive action to raise borrowing costs to curb inflation is coming to an end.
Higher interest rates increase the opportunity cost of holding non-yielding gold bullion.
Over the past week, spot silver fell by 1.04 percent to $25.08 an ounce, the first weekly loss in a month and a half.
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