On the market, the price of gold ended the week with a 0.02% increase, equivalent to a $0.29 rise per ounce, reaching $1,888.54.
The decrease in the value of the US dollar by 0.2% helped limit the decline in gold prices during this session and made it cheaper for those holding other currencies.
The Federal Reserve's cautious stance may provide some relief for gold prices next week as they remain at their lowest point in five months.
Concerns are growing that in its efforts to combat inflation, the Fed will keep interest rates high for longer than expected, causing significant damage to gold as it ends this week near its lowest point in five months.
Despite optimism that gold could regain its shine by year-end, analysts warn that there have been significant short-term technical losses and precious metal prices are likely to continue declining next week.
The decrease in the value of the US dollar by 0.2% helped limit the decline in gold prices during this session and made it cheaper for those holding other currencies.
The Federal Reserve's cautious stance may provide some relief for gold prices next week as they remain at their lowest point in five months.
Concerns are growing that in its efforts to combat inflation, the Fed will keep interest rates high for longer than expected, causing significant damage to gold as it ends this week near its lowest point in five months.
Despite optimism that gold could regain its shine by year-end, analysts warn that there have been significant short-term technical losses and precious metal prices are likely to continue declining next week.
Comment:
"The Fed won't be able to keep rates high as the economy starts to slow. They will have to cut rates even if inflation remains high and those expectations are supporting gold prices."
Comment:
Investors' focus this week will be Fed Chairman Jerome Powell's speech on Friday, when central bank governors around the world gather in Jackson Hole to attend. Annual conference.
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