World gold price fell for the third week in a row

Gold price June delivery increased by 7.1 USD, or 0.4%, closing the last session of the week at 1,882.8 USD/ounce.

Gold prices fell on May 5 after gaining more than 1% at one point, as the dollar strengthened and overwhelmed support for gold from the relatively less “tough” stance of the Federal Reserve (Fed). on interest rate hikes. Spot gold fell 0.3 percent to $1,876.13 an ounce, after hitting its highest since April 29 in the same session.

Previously, gold prices fell in the session 4/5 after the decision to raise interest rates by the Fed. Specifically, the price of gold delivered in June 2022 decreased by 1.8 USD (0.1%) to close at 1,868.8 USD/ounce.

The world gold price increased in session 3/5 when the dollar depreciated. The most traded June gold contract rose $7, or 0.38%, to close at $1,870.6 an ounce.

Gold prices fell on May 2 as the dollar strengthened and US bond yields rose. Specifically, the price of gold delivered in June 2022 increased by 48.1 USD (equivalent to 2.52%), to 1,863.6 USD/ounce.

For the whole week, the precious metal lost 1.5% of its value, marking the third consecutive week of declines. According to Dow Jones Market Data, this is the longest period of decline in gold prices since December 3, 2021.

Mr. Robert Minter, director of ETF investment strategy at abrdn, a global investment company based in the UK, said that investment demand in gold will increase this year, when interest rates rise. and high inflation.

Commenting on the newly released US jobs report, chief economist at Fannie Mae, Doug Duncan, said that wage growth is a clear sign that companies are actively hiring, but this is not. may increase inflationary pressure in the economy. The new jobs report will not change the Fed’s plan to continue to raise interest rates several times in the coming months.

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