Given that central banks around the world have continued to pursue strict monetary policies, gold prices, which increased Friday as the dollar fell, are on pace to experience their worst quarterly decline since March of last year. Additionally, gold increased in spot trades today by 0. 30% to $ 1665. 99 per ounce at 1029 GMT, bringing its weekly gains to 1. 4%. The precious metal experienced its biggest quarterly decline since the first quarter of 2021, falling 7. 8% on a quarterly basis.
To $1,675.50, US gold futures increased by 0.4%.
For buyers of foreign currencies, gold is now less expensive as the dollar index nears a one-week low.
According to Lockman Otunuga, an 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 US Federal Reserve’s monetary policy makers continue to raise interest rates.
In terms of other precious metals, silver increased by 1.1% to $19 in spot trading.
0167 for an ounce.
The price of platinum fluctuated little and ended up at $865.11 per ounce. For the second straight quarter, the two metals are expected to drop. Palladium is up 14% so far this quarter and was steady at $2201.47 per ounce.
Gold is about to experience its worst quarterly decline in 18 months.
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