Gold Prices Are Rising on Global Markets: What’s Behind the Trend
26 June 15:12
Gold prices are rising modestly on Friday, June 26, but are ending the week in the red due to concerns about tightening monetary policy in the U.S. This is reported by "Komersant Ukrainian", citing Interfax-Ukraine.
August gold futures on the Comex exchange are up 0.4% to $4,063 per ounce. Since the start of the week, gold has fallen 2.6%.
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Silver is down 0.2% to $58.25 per ounce, while platinum is up 0.7% to $1,614.80 per ounce.
“Gold is ending its fourth consecutive week in the red, with the precious metal facing dual pressure from a ‘hawkish’ Fed and a strengthening dollar,” wrote analysts at Saxo Bank. “The technical picture continues to weigh on investor sentiment, but the prolonged decline in energy prices is easing pressure on the Fed to raise rates.”
Traders estimate the probability of a single 25-basis-point hike in the Fed’s key rate by the end of the year at approximately 42%, and two hikes at 27%, while the market estimates the probability of rates remaining unchanged at about 23%.
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