And it went down gold In spot transactions, it rose 0.1 percent to $2,562.59 per ounce by 1510 GMT. Gold has fallen by more than four percent since the beginning of the week, and touched the lowest level since September 12 yesterday, Thursday.
US gold futures fell 0.2 percent to $2,567.20.
And it’s trending Dollar For the biggest weekly gains in more than a month, making gold more expensive for holders of other currencies.
US Treasury bond yields also continued their gains today after data showed retail sales in the world’s largest economy rose more than expected last month.
Economists believe President-elect Donald Trump’s tariff plans will stoke inflation, which could slow the Federal Reserve’s monetary easing cycle.
High interest rates increase the opportunity cost of holding non-yielding gold.
Federal Reserve Chairman Jerome Powell said yesterday, Thursday, that there is no need to rush to cut rates.
According to CME’s Fed Watch tool, markets expect 59 percent of interest rates to be cut by 25 basis points in December, down from 83 percent a day earlier.
Investors are now awaiting comments from a number of officials Federal Reserve Later in the day.
As for other precious metals, silver in spot transactions fell 0.5 percent to $30.28 per ounce. Platinum rose 0.3 percent to $942.90. Palladium also increased 0.8 percent to $949. The three metals are heading for a weekly decline.
