Mubasher TV
Contact Us Advertising   العربية

Gold prices fall for 5th week

Gold prices fall for 5th week
(Photo credit: Arabianeye-Reuters)

Mubasher: The prices of gold were down in the week ended Friday, 9 December, extending their losses for the fifth week in a row amid growing concerns of a market priced in interest rate hike by the US Federal Reserve.

Future contracts for the precious metal dropped 1.1% over the week to $1,161.9 per ounce, while spot prices decreased 0.9%.

The dollar index, which measures the performance of the dollar against a basket of major currencies, gained 0.5% on the back of expectations that the Fed would raise interest rates in its upcoming meeting on 13 and 14 December.