August 9, 2022

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Gold prices fall in 6 weeks

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Gold is set to record its worst week since late November on Friday, hitting a six-week low as the dollar rose amid expectations that the US Federal Reserve will raise interest rates in March.

At 1203 GMT, spot gold was down 0.6 percent at $ 1,785.10 an ounce and US gold futures were down 0.5 percent at $ 1,784.40.

Gold prices soared for more than two months a week as rising tensions and rising market volatility in Ukraine spurred interest in the safe haven metal.

Prices have fallen by about four per cent since the federal government reaffirmed plans to end its epidemic-time bond purchases and signaled a rate hike in March.

Among other precious metals, silver fell 1.1 percent to $ 22.49 an ounce during spot trading, down seven percent this week.

Platinum was down 2.1 percent at $ 1,000.96 an ounce and Palladium was down 2.5 percent at $ 2,317.71.

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