The rise of the dollar pushes gold towards the largest weekly loss in two months

17 September, 2022
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The rise of the dollar pushes gold towards the largest weekly loss in two months

Gold prices headed towards recording the largest weekly decline in nearly two months, amid the rise of the dollar and expectations of a significant increase in interest rates by the Federal Reserve (the US central bank).


And gold fell in spot transactions 0.2% to $ 1660.9 an ounce, after hitting its lowest level since April 2020 at $ 1653.10.


Prices have fallen by 3% since the beginning of the week so far, and US gold futures fell by 0.4% to $ 1670.40.


"Gold is not benefiting at all despite the increased recession risks in the United States after the latest economic data, amid rising Treasury yields and the dollar," said Philip Strebel, chief market analyst at Blue Line Futures in Chicago. It's not even seen as a safe haven."


This comes as the dollar is heading to record weekly gains. As for other metals, silver fell 0.6% to $19.04 an ounce. Platinum fell 1.8 percent to $888.64, and palladium fell 1.7 percent to $2100.16.


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