Investing.com – The price of gold rose on Friday morning (+0.50% to 2,340 dollars per ounce), however the rise was not enough to make up for the losses of previous sessions and is dragging the price towards a close of week down about 3.5%.
At the beginning of the week, gold had tested a new record at $2,450 following the death of Iranian president Ebrahim Raisi, which contributed to growing geopolitical uncertainty.
“A week that began with a new all-time high is now about to end with the sharpest decline of the year,” comments Ricardo Evangelista, senior analyst at ActivTrades.
“Metal traders – explains Evangelista – reacted to the publication of the latest FOMC minutes, from which it emerged that some Federal Reserve policy makers, concerned about the persistent nature of US inflation, discussed the possibility of increasing interest rates interest”.
A revelation that has dispelled expectations of a rate cut from analysts who are now looking to November as the probable date for the first cut. “This shift has led to an increase in Treasury yields and a strengthening of the dollar, penalizing the price of the precious metal,” concludes the expert.
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