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Gold Flat on Firm U.S. Dollar

Gold prices barely moved on Friday as the U.S. dollar held close to its recent peak while the likelihood of more aggressive interest rate hikes by the…

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This article was originally published by Baystreet

Gold prices barely moved on Friday as the U.S. dollar held close to its recent peak while the likelihood of more aggressive interest rate hikes by the U.S. Federal Reserve also weighed on the appeal for non-yielding bullion.

Spot gold was flat at $1,671.60 per ounce U.S., as gold futures in that country ticked 0.1% higher to $1,682.80 U.S.

The dollar index was down 0.1%, but not far from a 20-year peak scaled on Thursday in the wake of a 75-basis-point rate hike by the U.S. central bank and its hawkish outlook.

Rising rates dull bullion’s appeal since it yields no interest. Gold prices have fallen nearly 20% since scaling above the key $2,000 per ounce mark in March.

Many central banks raised their interest rates this week, following the U.S. Federal Reserve in the fight against inflation, which has been sending shockwaves through financial markets and the economy.

Euro zone inflation is set to go higher and price growth likely to be more persistent than earlier thought, European Central Bank board member Isabel Schnabel said on Thursday, defending the ECB’s plans to raise rates further.

In other precious metals, spot silver was flat at $19.64 U.S. per ounce, platinum rose 0.3% to $903.22 U.S., while palladium dipped 0.2% to $2,165.10 U.S.


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