Pakistan, May 30 -- Gold prices fell on Friday as the US dollar strengthened, with investors cautious ahead of important US inflation data due later in the day. This report will help indicate the Federal Reserve's next steps in monetary policy.
Spot gold dropped 0.6% to $3,295.99 an ounce, marking a 1.8% decline for the week so far. Meanwhile, US gold futures also slipped by 0.6%, trading at $3,294.20. The rising dollar makes gold more expensive for buyers using other currencies.
Analysts say the slight rise in the dollar is putting pressure on gold. Carsten Menke from Julius Baer noted that unless the inflation data surprises significantly, gold prices might not move much. However, he added that market nervousness is keeping volatility...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.