Sunday, June 16, 2019
Home Business Gold prices near a 4-month low as the dollar rallied

Gold prices near a 4-month low as the dollar rallied

Gold prices rallied on Friday near their four-month low in the previous session as the Federal Reserve Board (ECB) weakened the near-term interest rate outlook, boosting the dollar and pushing the metal towards a weekly low.

A rising dollar makes gold the highest cost for other currency holders.

At 0746 GMT, the spot price of gold was little changed at $ 1270.46 an ounce. In the previous session, the metal fell to $ 1265.85, its lowest price since the end of December.

Gold has lost about 1.2% since the beginning of this week.

US gold futures fell 0.1% to $ 1271.20 an ounce.

US Treasury Secretary Jerome Powell said on Wednesday that the inflation risks revealed by the US GDP data were based on transient factors and there was no need to change interest rates any time soon.

Silver settled at $ 14.63 an ounce in spot trade, remaining near the four-month low of $ 14.52 touched on the previous session.

Platinum rose 0.7 percent to $ 854.12 an ounce, after hitting a one-month low of $ 839 earlier in the session, while palladium rose 0.1 percent to $ 1,356 an ounce.


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