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Gold Heads for Weekly Decline as Rate Outlook in Focus
Friday, 20 July 2018 09:02 WIB | PRECIOUS METALS |GOLDEMASBullionEmas berjangka

Gold drops to trade near lowest in a year as investors weigh Federal Reserve Chairman Jerome Powell's comments on interest rate outlook, as well as President Donald Trump's intervention that he's 'not thrilled' at Fed's tightening trajectory.

Bullion for immediate delivery slipped 0.5% at $1,216.78/oz at 9:47am in Singapore, after hitting $1,211.63 on Thursday, lowest since July 2017: Bloomberg generic pricing. That metal lost 2.2% this week to head for fifth weekly decline in six as rising dollar, trade tensions spur declines.

Bloomberg Dollar Spot Index rose 0.5% this week.

Powell told lawmakers this week that œfor now - the best way forward is to keep gradually raising the federal funds rate

Silver fell 3.1% this week, to head for biggest weekly loss since 5 days ended April 27; this metal touched lowest since April 2016 on Thursday.

Platinum down for 6th straight week; trades near lowest since December 2008.

Palladium near July 2017 low; falling for 6th week in longest stretch since June 2015.

Source: Bloomberg

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