Gold prices are about to experience their biggest quarterly decline since March of last year as a result of the strict monetary policies implemented by central banks around the world.
Gold prices rose today, Friday, in spot transactions by 0. 3% to $ 1665. 99 per ounce by 10. 29 GMT, increasing this week’s gains to 1. 4% due to the depreciating value of the dollar.
US gold futures rose 0.4% to $1,674.50.
Due to the approaching weekly low in the dollar index, purchasing gold in other currencies became more affordable.
According to Lockman Otunuga, analyst at FXTM, “Gold derives its strength from the decrease in the dollar and the decline in (US) Treasury yields towards the close of the week’s trade.”
Despite the crisis in the world’s financial markets, the Federal Reserve, the US central bank, insists on hiking interest rates.
Other precious metals experienced no movement and finished at $19. 0167 per ounce for silver and $865. 11 for platinum, both of which are expected to drop for the second straight quarter.
Palladium is up 14% so far this quarter and was steady at $2201.47 per ounce.
Gold prices are experiencing their worst quarter in 18 months due to rising interest rates.
Due to tight monetary policies adopted by central banks worldwide, gold prices are on the verge of seeing their greatest quarterly loss since March of last year.
Due to the falling value of the dollar, gold prices increased today, Friday, in spot trades by 0. 3% to $ 1665. 99 per ounce by 10. 29 GMT, bringing this week’s gains to 1. 4%.
To $1,674.50, US gold futures increased by 0.4%.
About Author
