Gold closed at a low of more than 2 years

Gold closed at a low of more than 2 years
Gold closed at a low of more than 2 years

Gold fell to its lowest level since April 2020 on Friday, pressured by a stronger dollar and rising bond yields amid fears that aggressive monetary policy tightening by central banks could trigger a global recession.

On the dashboard

– THE gold U.S. crude for December delivery fell $25.50, or 1.5%, to $1,655.60 an ounce, the lowest since early April 2020, according to FactSet data. For the week, it fell 1.7 percent, according to Dow Jones Market Data.

– The silver for December delivery fell 71 cents, or 3.6%, to $18.91 an ounce. On a weekly basis, it lost 2.4%.

– THE platinum U.S. crude for October delivery fell 5.2 percent to $858.70 an ounce, down 4.7 percent on the week.

– The palladium for December delivery fell 4.8% to $2,070.50 an ounce, down 2.4% for the week.

– THE copper December delivery lost 3.7% to $3.343 a pound, down 4.9% on the week.

Gold failed to benefit on Friday from its safe-haven status in times of geopolitical and economic uncertainty.

“The pressure gold is under in today’s macroeconomic environment, with interest rates rising around the world and likely to continue rising for several months, means it is difficult to see gold moving higher, with the question more about how low it will go,” said Rupert Rowling, market analyst at Kinesis Money.

The U.S. Federal Reserve (Fed) earlier this week made another big interest rate hike of 75 basis points and signaled that it would raise interest rates to higher levels than analysts had previously expected in order to reduce inflation. A number of other global central banks also hiked interest rates this week, adding to investor concerns about the global economic outlook.

Gold’s “inability to trade above $1,700” after the Fed meeting is the main reason gold is “trading bearish,” said Chintan Karnani, director of research at Insignia Consultants.

The dollar, meanwhile, continued to rally, with the ICE US Dollar index hovering at its highest level in more than 20 years. A rising dollar makes commodities traded in the currency more expensive for users of other currencies.

The article is in Greek

Tags: Gold closed years

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