Gold rises but tends to incur the biggest weekly losses in 5 weeks

Gold rises but tends to incur the biggest weekly losses in 5 weeks

Gold rose on Friday, but he is heading the biggest weekly losses in five weeks to incur with the release of strong US economic data reinforced the rationale for raising interest rates in the near term.

And undermined expectations of higher interest rates soon attractiveness of assets that do not generate interest, such as gold which may explain the decline in metal from its highest level in seven weeks hit in recent times despite the descent of global equities due to fears of a slowdown in the Chinese economy.

And it was amended US economic growth rate to be lifted up in the second quarter to 3.7 percent from an initial estimate of 2.3 percent, which reinforced market expectations that the Federal Reserve (Fed) may raise interest rates this year.

Gold has risen 0.4 percent in spot transactions to $ 1129.80 an ounce ounce by 0703 GMT, but down 2.6 percent since Bdabh week.

But yesterday metal lowest level in a week at $ 1117.35 an ounce on Wednesday and lost more than three percent of its value since it reached its highest level in seven weeks on 21 August.

Among other metals psych silver settled at $ 14.48 an ounce, after dropping to its lowest level in six years at $ 13.93 an ounce on Wednesday. Silver fell more than five percent since the beginning of the week in the biggest loss of its kind since February.

And palladium rose 2.5 percent to $ 573.58 an ounce to enhance the gains recorded on Thursday, while five percent, recovering from its lowest level in five years rose, while platinum settled at $ 1001 an ounce

And still gold was up about 5 percent from its lowest level in five years of $ 1077 and a half, which has fallen to him in July, but he gave up to about 4 percent of its gains since the record in the last week, the highest level in seven weeks at $ 1168.40 with Tdharrh of recovery in the US currency and assets other.

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