Gold near the lowest price in seven and a half months and is heading for the biggest weekly loss since May
Gold near the lowest price in seven and a half months and is heading for the biggest weekly loss since May
12/09/2014 11:29
Agencies – The price of gold fell to its lowest level in seven and a half months on Friday, heading for the biggest weekly loss recorded in more than three months, where the rise of the dollar and the easing of tension in Ukraine to reduce demand for the metal as a safe haven.
The Dollar Index approached the highest level in 14 months on Friday and moving aggressively to achieve the ninth consecutive weekly gains supported by strong economic data and raises expectations that the Federal Reserve (the Fed) interest rates soon.
The damage to the precious metal also said that after the President of Ukraine this week that Russia has withdrawn most of its troops from his country which successfully revived the hopes of the current peace efforts after the conflict lasted five months and killed more than three thousand people.
And went down the price of spot gold 0.3 percent to 1237 dollars per ounce by the time 0623 GMT, after earlier falling to 1231.95 dollars, its lowest since late January.
The yellow metal fell 2.5 percent since the beginning of the week in the biggest weekly drop since the week ending May 30.
Gold and cause weakness in other precious metals lower as silver fell to its lowest level in 14 months destined to record the eighth weekly loss in nine weeks.
Platinum was trading near its lowest level since December and is moving the metal to record the weakest weekly performance since April. The palladium His worst performer among precious metals this week as it fell about seven percent in the biggest weekly loss since June June 2013.
Silver fell 0.11 percent to 18.62 dollars an ounce and platinum fell 0.43 percent to 1358.5 dollars an ounce, while palladium lost 0.28 percent to 826.5 dollars an ounce.
alrayy.com
