{"id":199300,"date":"2021-06-18T19:52:51","date_gmt":"2021-06-18T19:52:51","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=199300"},"modified":"2021-06-18T19:52:53","modified_gmt":"2021-06-18T19:52:53","slug":"gold-prices-4","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/gold-prices-4\/","title":{"rendered":"Gold prices rise despite heading for the worst weekly performance"},"content":{"rendered":"\n

Gold prices have witnessed a rise, but they are heading for the worst week performance since last March of 2020.<\/p>\n\n\n\n

This comes after the Federal Reserve’s shift towards a monetary tightening tone caused the dollar to rise and negatively affected the attractiveness of the yellow metal.<\/p>\n\n\n\n

Spot gold prices rose 0.5% to become $1,781.96 an ounce, but down 5% for the week. The US gold futures gained 0.5% rising to $1,782.70.<\/p>\n\n\n\n

The Federal Reserve’s change in policy expectations triggered a drop in gold <\/a>prices, said Edward Meyer, analyst at ED & Fman Capital Markets<\/a>, adding that the reaction in gold is \u201csomewhat overdone\u201d.<\/p>\n\n\n\n

\u201cDespite the current high-growth, inflationary environment, the proposed Fed rate hikes are not expected to set in for at least another 18 months. So after a little bit more weakness here, gold will regroup and push higher,\u201d Meir said.<\/p>\n\n\n\n

Reducing the purchase of assets<\/strong><\/h2>\n\n\n\n

The US central bank indicated on Wednesday that it will consider reducing its asset purchase program at each meeting it holds, and has brought forward expectations of the first post-pandemic interest rate increases to 2023.<\/p>\n\n\n\n

After the monetary tightening comments from the Federal Reserve, the dollar jumped to a two-month high and is heading for its best week in nearly nine months.<\/p>\n\n\n\n

Although gold is seen as a hedge against inflation, higher interest rates will reduce its attractiveness as it means that the opportunity cost of holding it will increase.<\/p>\n\n\n\n

As for other precious metals, palladium gained 1.9% reaching $2543.61 an ounce, but it is heading towards the worst week since late March, after a sharp decline recorded on Thursday.<\/p>\n\n\n\n

Silver rose 0.7% to $26.09 an ounce, but it is down more than 6% for the week. Platinum rose 0.6% to reach $1064.77 an ounce.<\/p>\n\n\n\n

last Wednesday, the Fed began closing the door to a monetary policy driven by the pandemic. Eleven out of 18 bank officials expected at least two interest rate increases by a quarter point in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold prices have witnessed a rise, but they are heading for the worst week performance since last March of 2020. This comes after the Federal Reserve’s shift towards a monetary tightening tone caused the dollar to rise and negatively affected the attractiveness of the yellow metal. 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