Gold and silver lose sparkle| MENAFN.COM

Thursday, 09 February 2023 03:08 GMT

Gold and silver lose sparkle

(MENAFN- ProactiveInvestors - Australia)

Gold lost some sparkle as investors took a cautious approach ahead of the Jackson Hole meeting on Friday.

New York gold futures for December delivery settled down 1.2% at US$1330 an ounce.

Silver fell 1.3% to US$18.50 an ounce.

Unless there is major recovery after the meeting, it puts gold on course for its first monthly decline since May.

Speculation over the timing of a US interest rate rise has been the main reason gold has slipped recently though it is still 25% higher year-to-date.

Markets are currently pricing in around a 20% chance of a rate rise next month with a rise in December being seen as an even bet.

A rate hike may be justified some Fed members have suggested if the US jobs markets continues to grow at the pace seen recently, though Federal Reserve chair Janet Yellen is seen as being in the dovish camp.Yellen is a key note speaker at the meeting of central bankers in Wyoming.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.