124 Gold edged up on Friday as the dollar paused, but expectations of a significant rate hike in the United States kept metal still below the critical $1,700 level and on track for its worst week in four. Spot gold was up 0.6% at $1,673.19 per ounce. Gold futures in the United States climbed 0.3% to $1,682.10. “We saw the dollar turn negative… an acceleration lower on US equities, which may have encouraged a bit of purchasing,” said Philip Streible, chief market analyst at Chicago-based Blue Line Futures. Gold prices are still down approximately 2.5% this week after falling to their lowest level since April 2020. Throughout the week, gold failed to gain on mounting U.S. recession threats, and was “not even viewed as a safe-haven” on occasion, according to Streible. The dollar momentarily fell negative before stalling, providing some relief to gold. However, it was still on track for a weekly rise, making gold more expensive for foreign buyers. The Federal Reserve is expected to raise interest rates by 75 basis points next week, with a 25% probability of raising rates by 100 basis points. Although gold is regarded as a safe haven against economic danger, rising interest rates make non-yielding bullion less tempting. “It’s likely that the unexpected fear of a 100bps raise following the disappointing CPI news contributed to the huge decline,” said Tai Wong, senior trader at Heraeus Precious Metals in New York. “However, it appears improbable, and physical demand for gold is driving a short market ahead of a semi-long weekend with London out on Monday.” Meanwhile, physical gold demand in India increased as domestic prices decreased ahead of important holidays, but Chinese premiums rose. Silver futures rose 1.9% to $19.52 per ounce. Platinum increased in value. Palladium was down 1% to $905.13. Businessmarket 0 comment 0 FacebookTwitterPinterestEmail Uneeb Khan Uneeb Khan CEO at blogili.com. Have 4 years of experience in the websites field. Uneeb Khan is the premier and most trustworthy informer for technology, telecom, business, auto news, games review in World. previous post How to Install MovieBox iOS 15 IPA On Your iOS Device? next post List Of The Top 5 Weapons For Optimum Self-Defence Related Posts Top Reasons to Choose Adarsh Lumina for Your... November 5, 2024 Cricket Baggy Cap: The Iconic Headgear Every Cricketer... November 5, 2024 The Benefits of Using a 2-Channel Cable Ramp... November 2, 2024 Understanding XannyTech.net: Your Partner in Modern Tech Solutions November 2, 2024 HSNIME: A Complete Guide to Understanding the Harmonized... November 2, 2024 Sonya Masse: A Life of Influence, Dedication, and... November 2, 2024 Sonya Masse: An Inspiring Journey of Passion and... November 2, 2024 Top Professional Networks for Students and Faculty: Boost... October 31, 2024 Inspiring Change: 6 Strategies for Meaningful Community Engagement October 31, 2024 5 Essential Communication Tips to Keep Clients Informed... October 31, 2024