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Thursday, March 30, 2023

Gold closes February with a fall of more than 10%, the largest in almost two years

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So, They aim to close the month with a drop of $108.05, 10.9%.

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TO early February, prices reached their highest level since April 2022but they soon changed course. The bullion has yielded more than 6% so far this month after strong economic data showed signs of resilience in the US economy, raising concerns about further rate hikes by the US central bank.

The Fed Governor, Philip Jeffersonsaid on Monday that he had no “no illusion” that inflation would quickly return to target of the US central bank.

Although gold is considered a hedge against inflation, rising interest rates increase the cost opportunity to keep this asset, which does not yield interest.

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Gold is approaching a support zone very interesting between 1,780 and 1,800 dollarsbut economic data may determine the extent to which a firm support zone will be, Craig Erlam, a senior market analyst at OANDA, told Reuters.

He dollar index is heading to a monthly risewhich makes gold – which is quoted on the greenback – less attractive to holders of other currencies.

Among other precious metals, the silver Spot falls 0.3% to $20.56 an ounce, and was on track for its second straight monthly decline. He platinum rises 0.2% to $936.27 and the palladium it lost 0.3% to $1,426.09. Both were on track to record a price decline for the month.

Source: Ambito

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