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Gold drops after biggest weekly gain in March

Byadmin

Aug 1, 2022 ,
Золото дешевеет после самого большого недельного прироста в марте

The market is waiting for data on employment in the US

Gold fell after posting its biggest weekly gain in March, as investors await new data on the global economy and the pace of US interest rate hikes.

Metals up 2.2% last week

Metals rose 2.2 percent last week on speculation that the Federal Reserve will slow its rate hikes as the US economy slows.

“Gold has risen from recent lows, and a close above $1,750 per ounce is encouraging,” said Ravindra Rao, Head of Commodity Research at Kotak Securities Ltd.

In morning trading on the London Metal Exchange, spot gold fell 0.3 percent to $1,760.75 per ounce. The Bloomberg Spot Dollar Index held steady after falling 0.8 percent the previous week.

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