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[size=30]Gold is heading for a third weekly decline amid interest rate concerns
[ltr]2023.02.17 - 11:53[/ltr]
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[ltr]2023.02.17 - 11:53[/ltr]
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Baghdad - Nas
Gold prices fell on Friday, on their way to record a decline for the third week in a row, as investors worried about the possibility of the US Federal Reserve raising interest rates after a series of strong economic data.
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And by 0548 GMT, gold in instant transactions fell 0.6 percent at $ 1827.09 an ounce, after earlier falling to its lowest level since early January.
The yellow metal has fallen 2 percent so far this week. US gold futures also fell 0.9 percent to $1,835.70.
Gold is a hedge against inflation, but higher interest rates increase the opportunity cost of holding non-yielding bullion.
Ilya Spivak, head of global macroeconomics at TastyLife, said this week's data showing strong retail sales and rising US consumer prices "seems to be fueling a reassessment...Markets think the Fed is going to tighten further, and that's bad." Too much for gold.
Several Fed officials stressed this week that monetary tightening must continue to bring inflation down to the 2% target.
Markets now expect interest rates to reach more than 5 percent by May and to stay at those levels throughout the year.
As for other precious metals, spot silver fell 0.7 percent to $21.45 an ounce. Platinum also fell 0.4 percent at $916.93, and palladium fell 1.3 percent to $1,491.38.
Quoted from "Sky News Arabia"
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