Gold falls after US data boosted bets on a rate hike By Reuters

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© Reuters. 24 karat gold ingots in a US mining facility. Reuters

(Reuters) – It fell on Thursday after encouraging weekly data on jobless claims in the United States boosted bets that the Federal Reserve will raise interest rates faster than expected following recent strong inflation data.

It fell 0.4 percent to 1858.76 an ounce by 1841 GMT.

And US gold futures fell 0.5% to settle at $1,861.4.

Despite the decline in prices, gold is still holding near the highest level in five months touched on Tuesday.

Thursday’s data showed that the number of Americans filing new claims for unemployment benefits last week fell to close to pre-pandemic levels. Any indications of a recovery in the economy will reduce the demand for the precious metal, which is a safe haven.

And fell 0.9 in spot transactions to 24.82 dollars an ounce.

Platinum fell 0.8 percent to $ 1,048.77, and it also lost 2.7 percent to $ 2129.28.

(Prepared by Mustafa Saleh for the Arabic Bulletin)

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