On Wednesday, the Federal Reserve raised interest rates by 50 basis points, as expected, and Chairman Jerome Powell said that the US central bank will continue to raise interest rates next year, despite the exacerbation of recession fears.
The US Federal Reserve raised interest rates by 50 basis points, bringing the interest rate to a range between 4.25% and 4.5%.
This was the seventh consecutive time that the US Federal Reserve raised interest rates during the current year 2022.
price movements
Prices of the yellow metal fell by 0.3 percent over the past week, despite its rise in spot transactions by 0.8 percent to $ 1791.59 an ounce in Friday trading.
US gold futures rose 0.7 percent to $1,800.20.
The European Central Bank and the Bank of England have indicated similar strategies to raise interest rates.
Commerzbank expects gold to decline to about $1,750 an ounce until the end of the US interest rate hike cycle becomes clear, and prices are expected to rise to $1,850 by the end of 2023.
Silver prices fell by 1.3 percent during the week, but rose by 0.4 percent in Friday’s trading, to reach $23.14 an ounce.
Platinum lost 1.4% to $992.43, and palladium fell 4.3% to $1,713.81.
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