Gold inches higher but heads for weekly loss on Fed hike concerns
Gold prices edged higher on Friday, recovering from the previous session's lowest level in more than a year, but stayed on track for a weekly fall as higher oil prices stoked
Gold prices edged higher on Friday, recovering from a low point seen in more than a year, according to The Economic Times - Top News. Despite this recovery, the metal remains on track for a weekly loss as higher oil prices have influenced the market.
Earlier on Thursday, gold prices declined amid rising expectations for Federal Reserve interest rate hikes, according to Investing.com. At 16:38 ET, spot gold dropped 2.9% to $3,874.04/oz, while gold futures fell 3.1% to $3,878.57/oz. Investing.com reports that spot gold has decreased 5.2% over five sessions, coinciding with a 1.6% advance in the U.S. dollar index.
David Morrison, a senior market analyst at Trade Nation, noted that a rally attempt was quashed by a jump in the U.S. dollar following expectations of additional rate hikes this year and next. Morrison stated that the moves in gold and the dollar were sparked by the release of U.S. jobs data last Friday.
Brief written by urgent.news from The Economic Times - Top News, Investing.com — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
