Gold prices recorded a decline to the lowest level in two months, during trading today, Monday, in light of fears that the Federal Reserve will take more measures to raise interest rates.
According to Reuters, the price of gold fell by 0.1%, to $ 1808.51 an ounce, by 0541 GMT, and US gold futures fell to $ 1815 an ounce.
Friday's data showed a significant rise of 1.8% in US consumer spending last month, the largest increase since March 2021, while the personal consumption expenditures price index, the Fed's preferred indicator of inflation, increased by 0.6% after increasing 0.2% in the previous month. December.
Harish V, head of commodity research at Geojit Financial Services, said: The combination of rising consumer spending to the highest in two years and the strength of the jobs numbers published earlier in the month will give the Federal Reserve the confidence to raise interest rates to combat inflation.
Gold is considered a hedge against inflation, but raising interest rates reduces its attractiveness to buyers, as it raises the opportunity cost of possessing the precious metal, which does not yield a return.
Silver in the spot market fell 0.9% to $20.58 an ounce, platinum fell 0.3% to $906.94, while palladium increased 0.9% to $1415.96 an ounce.
