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Post by : Badri Ariffin
On Friday, gold prices experienced a decline, positioning themselves for a weekly loss due to investor anxiety surrounding inflation and potential interest rate increases.
As of 0402 GMT, spot gold was down 0.7 percent, priced at $4,442.94 per ounce. This week, the precious metal has seen a drop of approximately 2 percent, indicating a lack of investor confidence.
Similarly, US gold futures set for August delivery also dipped, falling 0.8 percent to $4,469.10 per ounce.
Other metals mirrored this decline; spot silver fell by 1.6 percent to $72.66 per ounce, while platinum dropped 1.1 percent to $1,879.42 per ounce. Palladium also saw a decrease of 1.6 percent, settling at $1,299.23 per ounce.
The drop in precious metals is attributed to cautious investor sentiments linked to rising inflation and the prospect of increased interest rates, which generally diminish the attractiveness of non-yielding assets like gold.
With all major precious metals trending downward, the week is likely to conclude negatively for gold, silver, platinum, and palladium.
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