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[size=36]Gold achieved its third consecutive weekly gain[/size]
Economie| 10:55 - 07/01/2023
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Follow-up - Mawazine News
Gold prices rose, at the end of the week's trading, achieving a third consecutive weekly gain, after the US jobs report, which reduced concerns about raising interest rates in America.
The price of gold, upon settlement, was about $1865.69 an ounce, an increase of about 2.3 percent during the week.
And the jobs data in the United States showed that employers added 223 thousand jobs in the month of December, more than expected by experts, while wages recorded growth slightly less than expected.
Federal Reserve fund futures traders increased their bets that the US central bank will raise interest rates by 25 basis points at the end of its two-day meeting on February 1 after the jobs data came out.
The Fed raised interest rates by 50 basis points at its December meeting, after four consecutive increases of 75 basis points.
A few US central bank officials confirmed last Thursday their commitment to the fight to bring inflation down to the 2% target, but St. Louis Federal Reserve Chairman James Bullard said 2023 could finally see some relief in the fight against inflation.
High interest rates reduce the attractiveness of the yellow metal, which is a hedge against inflation but does not yield a return. Ended 29/N33
Gold prices rose, at the end of the week's trading, achieving a third consecutive weekly gain, after the US jobs report, which reduced concerns about raising interest rates in America.
The price of gold, upon settlement, was about $1865.69 an ounce, an increase of about 2.3 percent during the week.
And the jobs data in the United States showed that employers added 223 thousand jobs in the month of December, more than expected by experts, while wages recorded growth slightly less than expected.
Federal Reserve fund futures traders increased their bets that the US central bank will raise interest rates by 25 basis points at the end of its two-day meeting on February 1 after the jobs data came out.
The Fed raised interest rates by 50 basis points at its December meeting, after four consecutive increases of 75 basis points.
A few US central bank officials confirmed last Thursday their commitment to the fight to bring inflation down to the 2% target, but St. Louis Federal Reserve Chairman James Bullard said 2023 could finally see some relief in the fight against inflation.
High interest rates reduce the attractiveness of the yellow metal, which is a hedge against inflation but does not yield a return. Ended 29/N33
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