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Gold is falling, but it is on its way to achieve weekly gains
Shafaq News/ Gold prices fell today, Thursday, but were set to achieve weekly gains for the second time in a row, as the Ukrainian crisis and the expansion of inflationary pressures increased the attractiveness of the metal, which is considered a safe haven.
Spot gold was little changed at $1,974.28 an ounce, as of 04:26 GMT, and US gold futures were down 0.4 percent to $1,977.60.
The metal gained about 1.4% so far during the week.
Federal Reserve Governor Brainard said Tuesday that the US central bank will make a series of interest rate increases and start reducing its bond holdings as soon as June to help bring down inflation, which hit a four-decade high in March.
Non-yielding bullion is a safe store of value in times of uncertainty and a hedge against inflation.
The US dollar index has fallen from its May 2020 highs after Treasury yields fell, making gold more attractive to other currency holders.
The price of spot silver settled at $25.73 an ounce, platinum was unchanged at $986.27, and palladium rose 2.3 percent to $2368.85.
[You must be registered and logged in to see this link.]
Spot gold was little changed at $1,974.28 an ounce, as of 04:26 GMT, and US gold futures were down 0.4 percent to $1,977.60.
The metal gained about 1.4% so far during the week.
Federal Reserve Governor Brainard said Tuesday that the US central bank will make a series of interest rate increases and start reducing its bond holdings as soon as June to help bring down inflation, which hit a four-decade high in March.
Non-yielding bullion is a safe store of value in times of uncertainty and a hedge against inflation.
The US dollar index has fallen from its May 2020 highs after Treasury yields fell, making gold more attractive to other currency holders.
The price of spot silver settled at $25.73 an ounce, platinum was unchanged at $986.27, and palladium rose 2.3 percent to $2368.85.
[You must be registered and logged in to see this link.]
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