Gold posts weekly loss as markets await US interest rate signals
Gold prices fell 0.7% this week as investors weighed the prospect of further US rate hikes following higher-than-expected inflation data.
Key Takeaways
AIGold prices recorded a weekly loss of 0.7% by the close of trading on Friday, as market participants continued to assess the likelihood that the US Federal Reserve will raise interest rates again this year, following a series of US inflation reports that exceeded expectations.
Spot gold slipped 0.1% to $4,165.12 per ounce, marking a 0.7% decline since the start of the week.
Meanwhile, US gold futures for December delivery rose 0.3% to $4,181.10 per ounce.
Other precious metals saw mixed performance: spot silver fell 0.7% to $57.05 per ounce, platinum was steady at $1,626.15, while palladium dropped 1.1% to $1,113.61.