Gold bars
Gold prices declined during Friday’s trading, heading for their steepest weekly loss in six weeks, as clashes between the United States and Iran pushed oil prices higher, increasing inflationary pressures and strengthening expectations of higher US interest rates.
Meanwhile, the US Dollar Index (DXY), which measures the greenback’s performance against a basket of six major currencies, was little changed at 100.78.
Lorie Logan, President of the Federal Reserve Bank of Dallas, became the first Fed official to publicly call for an interest rate hike under Fed Chair Kevin Warsh, while Fed Vice Chair Philip Jefferson signaled openness to further policy tightening if inflation fails to show meaningful improvement, according to Reuters.
The yellow metal has lost more than 3% this week, marking its biggest weekly decline since early June, as persistent tensions in the Middle East outweighed support from US data released earlier this week showing easing inflation.
According to the CME FedWatch Tool, markets are currently pricing in a 73% probability that the Federal Reserve will raise interest rates in December.
Changes in Precious Metals Prices (Futures and Spot Markets) *
Metal
Price (USD/Ounce)
Change (USD)
Change (%)
Gold (August Futures)
3,981.90
(10.20)
(%0.25)
Gold (Spot)
3,983.01
+6.51
+0.15%
Silver (September Futures)
55.32
(0.87)
(%1.55)
Silver (Spot)
55.14
(0.39)
(%0.70)
Platinum (Spot)
1,594.80
(28.47)
(%1.75)
Palladium (Spot)
1,244.04
(10.32)
(%0.80)
Gold bars
Gold prices declined during Friday’s trading, heading for their steepest weekly loss in six weeks, as clashes between the United States and Iran pushed oil prices higher, increasing inflationary pressures and strengthening expectations of higher US interest rates.
Meanwhile, the US Dollar Index (DXY), which measures the greenback’s performance against a basket of six major currencies, was little changed at 100.78.
Lorie Logan, President of the Federal Reserve Bank of Dallas, became the first Fed official to publicly call for an interest rate hike under Fed Chair Kevin Warsh, while Fed Vice Chair Philip Jefferson signaled openness to further policy tightening if inflation fails to show meaningful improvement, according to Reuters.
The yellow metal has lost more than 3% this week, marking its biggest weekly decline since early June, as persistent tensions in the Middle East outweighed support from US data released earlier this week showing easing inflation.
According to the CME FedWatch Tool, markets are currently pricing in a 73% probability that the Federal Reserve will raise interest rates in December.
Changes in Precious Metals Prices (Futures and Spot Markets) *
Metal
Price (USD/Ounce)
Change (USD)
Change (%)
Gold (August Futures)
3,981.90
(10.20)
(%0.25)
Gold (Spot)
3,983.01
+6.51
+0.15%
Silver (September Futures)
55.32
(0.87)
(%1.55)
Silver (Spot)
55.14
(0.39)
(%0.70)
Platinum (Spot)
1,594.80
(28.47)
(%1.75)
Palladium (Spot)
1,244.04
(10.32)
(%0.80)
