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Precious metals: The price of gold fell by around 1% on Monday

10/04/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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Après que les données sur l' emploi aux États -United Having indicated a tight labor market and raised expectations of another interest rate hike by the Federal Reserve in May, the price of gold fell by about 1% to below $2,000 on Monday.

U.S. gold futures slipped 1% to $2,006.30, while spot gold was down 0.9% to $1,990.69 per ounce, starting at 402 GMT. According to Hareesh V, head of commodity research at Geojit Financial Services, gold fell as a result of taking a profit on expectations of Fed rate hikes, followed by Friday's report on U.S. job growth and a stable dollar. He noted a technical correction in the price. Traditionally, gold has been seen as a safeguard against inflation, but rising interest rates increase the opportunity cost of holding this yielessless asset.

Cash lost 1% to $24.75 per ounce, platinum lost 0.5% to $1,002.35, and palladium 0.3% to $1,461.31.

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