Gold heads for fourth weekly loss on calls for more rate hikes

New York, July 7 (BNA): Gold prices on Friday were on track for a fourth straight weekly loss as recent US jobs data and hawkish comments from Fed policymakers boosted bets on higher interest rates for longer, weighing on the lack of yields. bullion.

Spot gold settled at $1,912.39 an ounce by 0505 GMT, but fell 0.3% for the week. US gold futures rose 0.1% to $1,918.00.

Spot silver fell 0.2% to $22.7009 an ounce, and platinum settled at $902.40, according to Reuters.

BofA Global Research cut its price forecast for gold and other precious metals for 2023, adding that silver could outperform as the global economy bottoms out and into 2024. Palladium rose 0.2% to $1,244.18, but headed for a weekly gain of 1.3%.


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