Media ININ Economy We Trust
MediaIn / Agencies January 9, 2018
With the outlook for new US interest rates rising this year, gold prices fell on Tuesday, with spot gold dropping 0.2 percent to $ 1317.86 an ounce by 0655 GMT. Last week, the metal touched its highest level since September 15 at $ 1325.86 an ounce. Gold in US futures fell 0.1 percent to $ 1318.90 an ounce. Investors are betting on new US interest rate hikes after Friday’s jobs data, which gave no reason to change the Federal Reserve’s policy tightening expectations.
Gold is heavily influenced by higher interest rates as it increases the cost of alternative opportunities for non-yielding metal holders while the greenback strengthens the yellow metal. The spot price of silver fell 0.3 percent to $ 17.08 an ounce. Platinum fell 0.8 percent to $ 964.35 an ounce, after hitting a three-and-a-half-month high on Monday at $ 973.60 an ounce. While palladium rose 0.7 percent to $ 1108.22 an ounce, after hitting a record high of $ 1111.40 an ounce.
