Gold consolidating after suffering the biggest loss in five months after US rate hike
Gold consolidating after suffering the biggest loss in five months after US rate hike
12/18/2015 08:47 GMT
BAGHDAD – and babysit – the cohesion of the price of gold on Friday, but kept most of the losses it suffered in the previous session, while the yellow metal posted its biggest decline in five months after his raise US interest rates for the first time in nearly a decade and the rise of the dollar.
In a move that had been expected widely to raise the Federal Reserve (the US central bank) the scope of its main interest rate by a quarter percentage point on Wednesday, prompting the dollar to rise, but reflected negatively on gold, which does not generate interest.
The price of gold rose 0.5 percent in spot transactions to $ 1056.25 an ounce ounce by 0639 GMT, after falling two percent in the previous session, its biggest daily losses since July. The metal lost about 1.6 percent of its value since the beginning of the week in the worst performance of its kind in three weeks.
The dollar rose to its highest level in two weeks against a basket of major currencies on Thursday but gave up some of its gains on Friday.
This resulted in the arrival of gold to $ 1047.25 an ounce in the previous session near its lowest level in nearly six years.
The yellow metal dropped 11 percent since the beginning of the year, largely due to the uncertainty surrounding the timing of the rate hike and fears that the rise could undermine demand for the metal.
The price of silver rose 0.7 percent to $ 13.80 an ounce after it fell three percent yesterday registered its biggest one-day drop in nearly three months.
And platinum rose 0.1 percent to $ 844.45 an ounce after it posted its biggest losses in a year. Palladium fell 0.6 percent to $ 550.3 an ounce, down for the second straight session, but the owner of the best weekly performance among precious metals gains remain almost 1.5 percent.
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