The Best Week Since January: Gold Prices Have Risen Significantly
7 August 15:03
Gold rose nearly 2% on Friday, August 7, and could post its best weekly performance since January—expectations of a Fed rate hike have eased amid hopes for a deal between the U.S. and Iran and a decline in inflationary pressures. Investors are also awaiting key U.S. employment data at 3:30 p.m. Kyiv time, reports "Komersant Ukrainian", citing Reuters.
The spot price of gold rose 1.81% to $4,315.93 per troy ounce after hitting a seven-week high on Thursday.
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Over the course of the week, the price of the precious metal could rise by approximately 6.6%.
“Currently, gold price movements depend on expectations regarding monetary policy—specifically, the Fed. A slight decline in the perceived likelihood of a Fed rate hike, coupled with the view that Fed Chair (Kevin) Warsh may be taking a less hawkish stance than expected, has contributed to the rise in gold prices,” noted Kyle Rodda of Capital.com.
Traders are now pricing in a 55% probability of a U.S. rate hike in September, down from 67% last week, according to the CME FedWatch Tool.
U.S. President Donald Trump told reporters on Thursday that, in his opinion, the war with Iran will end soon.
“Gold may give back some of this week’s gains, though its 50-day moving average could provide support, if the U.S. labor market again demonstrates resilience, thereby heightening risks of accelerating inflation and Fed rate hikes,” noted Khan Tan of Bybit.
UBS reported that it expects gold to rise to $5,000 per ounce in the first half of 2027.
Palladium rose 2.14% to $1,400.25 per ounce.
Silver jumped 4.78% to $64.42 per ounce.
The price of platinum increased by 2.83% to $1,778.19.
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