Gold prices continue to decline in the seventh week

Gold prices continue to decline in the seventh week

Gold prices fell for the third straight session Thursday, with the rise of the dollar after the comments of officials, Federal Reserve (Fed) kept its outlook for an increase in interest rates this year, despite the weak economic data recently released.

The yellow metal has continued to decline from its highest price in seven weeks hit last Monday when Expectations were high that postpones the Fed raise interest rates after US jobs disappointing data released on Friday.

Showed the latest Meeting Minutes of the Monetary Policy Committee American which was held on 17, March 18 / March that Fed officials are opening the door to increased interest in June.

The US rate hike, who would be the first in about ten years-that reduces the attractiveness of assets that do not generate revenue, such as gold.

Said James Steel, analyst at HSBC: “gold prospects in the medium term looks weak and the decline is the path easier.”

And dropped the price of gold in online transactions around 0.7 percent to $ 1194.05 an ounce ounce in late New York trade, after falling earlier to $ 1196.30 at the lowest level in the meeting.

The yellow metal touched US $ 1224.10 on Monday, the highest price since February 17.

The US gold futures fell delivery in June to $ 9.50, or 0.8 percent, to a record at 1193.60 dollars an ounce settlement.

The price of silver fell in online transactions 1.6 percent to $ 16.17 an ounce.

Platinum fell 1.1 percent to $ 1151 per ounce, while palladium fell 0.6 percent to $ 759.85 an ounce.

Leave a Reply

Your email address will not be published. Required fields are marked *