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Gold is heading for a fourth weekly loss on speculation US interest rate hike

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Rocky


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Gold is heading for a fourth weekly loss on speculation US interest rate hike





11/14/2015

The price of gold fell towards its lowest level in nearly six years and remained on track to incur a fourth consecutive weekly losses on expectations that the Federal Reserve (Fed) will raise interest rates next month for the first time in about ten years.
And supported by a number of bank officials on Thursday to raise interest rates in December.
The price of gold fell in online transactions 0.2 percent to 1082.30 dollars per ounce by 1913 GMT, after touching its lowest level since February February 2010 yesterday at $ 1074.26.
The price of the metal dropped in the US futures contracts delivered December ten cents to $ 1080.90 an ounce.
And high interest rates affect negatively on the gold because it increases the cost of the acquisition of assets that do not generate interest, including the yellow metal while supporting the dollar.
Among other precious metals platinum down 2.1 percent to $ 855.5 an ounce, after earlier fell to its lowest level since December 2008 at $ 854 an ounce.
And palladium fell 3.9 percent to $ 536.50 an ounce after touching its lowest level in two and a half month low of $ 530.75 an ounce. Metal prices have fallen more than 13 percent this week registered the biggest weekly loss since May May 2010.
Silver fell 0.5 percent to $ 14.20 an ounce, after earlier fell to $ 14.15 an ounce, its lowest level in two months and Ncef.anthy 29 quarters e

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