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Gold prices drop
Shafaq News/ Gold prices fell on Friday and headed for a weekly decline with the increase in treasury bond yields, while investors are awaiting monthly inflation data in the United States, seeking indications of the future of the Federal Reserve's monetary policy.
And gold fell in spot transactions 0.2 percent to $ 1844.78 an ounce (an ounce) by 0311 GMT, while US gold futures fell 0.3 percent to $ 1848.10.
And US Treasury yields increased for ten years, hurting demand for non-yielding gold.
Market participants are eagerly awaiting US consumer price index data expected later on Friday to ensure that decades of high inflation peaked in March.
Gold prices have fallen about 0.3 percent this week.
Stephen Innes, managing partner at SBI Asset Management, said a strong CPI reading could point to the Federal Reserve's direction to tighten further and make the price of the yellow metal test the $1,825 level and push it down to $1,800.
The Federal Reserve is expected to raise its key interest rate by 50 basis points in June and July, with increased chances of a similar move in September, according to a Reuters poll of economists who do not expect interest rate hikes to stop until next year.
As for other precious metals, silver fell 0.1 percent to $21.63 an ounce, and platinum fell 0.6 percent to $966.13 while palladium rose 0.7 percent to $1,938.01. And the three are on their way to record a weekly decline.
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And gold fell in spot transactions 0.2 percent to $ 1844.78 an ounce (an ounce) by 0311 GMT, while US gold futures fell 0.3 percent to $ 1848.10.
And US Treasury yields increased for ten years, hurting demand for non-yielding gold.
Market participants are eagerly awaiting US consumer price index data expected later on Friday to ensure that decades of high inflation peaked in March.
Gold prices have fallen about 0.3 percent this week.
Stephen Innes, managing partner at SBI Asset Management, said a strong CPI reading could point to the Federal Reserve's direction to tighten further and make the price of the yellow metal test the $1,825 level and push it down to $1,800.
The Federal Reserve is expected to raise its key interest rate by 50 basis points in June and July, with increased chances of a similar move in September, according to a Reuters poll of economists who do not expect interest rate hikes to stop until next year.
As for other precious metals, silver fell 0.1 percent to $21.63 an ounce, and platinum fell 0.6 percent to $966.13 while palladium rose 0.7 percent to $1,938.01. And the three are on their way to record a weekly decline.
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