Gold prices fall, record weekly loss of over 3%
Gold bars
Gold prices declined on Friday, posting a weekly loss after three consecutive weeks of gains, following Federal Reserve Chair Kevin Warsh’s remarks on the need to curb inflationary pressures.
Investors increased their bets on a September rate hike after Warsh said the Fed “has work to do” if policymakers are not confident that core inflation is moving back toward its 2% target.
Gold tends to lose appeal in a higher-interest-rate environment, while a stronger dollar also weighs on the precious metal. The dollar touched its highest level in more than a week on Friday, making gold more expensive for holders of other currencies.
|
Gold, silver futures |
||||
|
Metal |
Price ($/oz) |
Change ($) |
Change% |
Weekly Performance |
|
Gold (December) |
4,529.90 |
(134.10) |
(2.87%) |
(3.22%) |
|
Silver (September) |
66.995 |
(2.436) |
(3.51%) |
(3.65%) |
Commodity Price
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