Resonant yellow drops to its lowest level in months


Resonant yellow drops to its lowest level in months


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Gold prices fell, on Friday, to the lowest level in nearly 9 months, and is heading for a decline for the third consecutive week, due to the rise in the dollar and bond yields.

Gold fell in immediate transactions 0.3 percent to $ 1692.13 an ounce, by 05:15 GMT, after falling to its lowest level since June 8th at $ 1686.40. Since the start of the week, gold has fallen 2.3 percent.

While US gold futures fell 0.6 percent to 1690.40 dollars an ounce.

On Thursday, US Federal Reserve Chairman Jerome Powell reiterated his pledge to keep credit soft, and said that although the increase in returns was “noticeable” he did not think the Fed would have to intervene to reduce it.

Ten-year US yields held above 1.5 percent, while the dollar rose to its highest level in three months. Higher returns increase the opportunity cost of holding the yellow metal that does not yield a return.

Source: Reuters


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