Al Jazeera
Gold has fallen and is headed for a weekly loss as inflation concerns reinforce higher-for-longer rate expectations.
Spot gold XAU= was down 0.7 percent at $4,588.32 per ounce at 9:30am ET (13:30 GMT) after falling to as low as $4,559.48 earlier in the session. It was on track for a weekly loss of 2.3 percent.
US gold futures GCcv1 for June delivery fell 0.6 percent to $4,600.00.
“Precious metal traders continue to sell gold after the Fed signalled US interest rates would remain on hold for the near term due to inflation concerns,” said Chris Gaffney, president of world markets at EverBank.
This downward trend in gold could continue in the near term as these concerns persist, with oil prices remaining elevated, he added.
Spot gold XAU= was down 0.7 percent at $4,588.32 per ounce at 9:30am ET (13:30 GMT) after falling to as low as $4,559.48 earlier in the session. It was on track for a weekly loss of 2.3 percent.
US gold futures GCcv1 for June delivery fell 0.6 percent to $4,600.00.
“Precious metal traders continue to sell gold after the Fed signalled US interest rates would remain on hold for the near term due to inflation concerns,” said Chris Gaffney, president of world markets at EverBank.
This downward trend in gold could continue in the near term as these concerns persist, with oil prices remaining elevated, he added.
