Gold prolongs weekly slump after Fed hints interest rate hike
March 24, 2014 8:29 am
Gold futures stretched the largest weekly loss since November on anticipations the US interest rates will escalate next year, regulating demand for the metal as a store of value. Palladium traded close to the highest price since 2011.
Bullion to be delivered immediately erased 0.4% to $1,329.71 per ounce and settled at $1,333.01 at 8:47 a.m. in Singapore. Prices dived 3.5% last week, the most since the period ended on November 22.
Gold to be delivered in June dropped 0.2% to $1,333 per ounce on the Comex in New York. The Federal Reserve cut another $10 billion for the third time in monthly bond purchases last week as Chair Janet Yellen said benchmark interest rates might increase around six months following the asset buying ends, which was anticipated later this year.
Palladium increased 0.4% to $797.25 per ounce and set at $794.30. The metal ascended to $799 on March 21, the highest peak since August 2011, despite worries the exports from Russia, the world’s largest supplier, might stumble, and as a strike persists at mines in South Africa.
Silver to be delivered immediately plummeted 0.4% to $20.2412 per ounce after falling 5% last week, the most since September. Platinum gained 0.5% to $1,441.94 per ounce, coming back from a second weekly decrease.
The material has been provided by InstaForex Company – www.instaforex.com
Gold futures stretched the largest weekly loss since November on anticipations the US interest rates will escalate next year, regulating demand for the metal as a store of value. Palladium traded close to the highest price since 2011.
Bullion to be delivered immediately erased 0.4% to $1,329.71 per ounce and settled at $1,333.01 at 8:47 a.m. in Singapore. Prices dived 3.5% last week, the most since the period ended on November 22.
Gold to be delivered in June dropped 0.2% to $1,333 per ounce on the Comex in New York. The Federal Reserve cut another $10 billion for the third time in monthly bond purchases last week as Chair Janet Yellen said benchmark interest rates might increase around six months following the asset buying ends, which was anticipated later this year.
Palladium increased 0.4% to $797.25 per ounce and set at $794.30. The metal ascended to $799 on March 21, the highest peak since August 2011, despite worries the exports from Russia, the world’s largest supplier, might stumble, and as a strike persists at mines in South Africa.
Silver to be delivered immediately plummeted 0.4% to $20.2412 per ounce after falling 5% last week, the most since September. Platinum gained 0.5% to $1,441.94 per ounce, coming back from a second weekly decrease.
The material has been provided by InstaForex Company – www.instaforex.com
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