Gold is down by 2.12%

Gold decreased 2.12% to 4120.85 USD/t.oz

Gold fell to $4,150 per ounce on Friday, its lowest level since June 11, and was on track for a third consecutive weekly decline as a stronger US dollar and rising expectations for tighter monetary policy weighed on demand. The dollar climbed to a one-year high after the Federal Reserve left interest rates unchanged but signaled a more hawkish outlook. Nine of the Fed’s 19 policymakers now expect at least one rate hike later this year, while markets currently assign a roughly 70% probability of a rate increase by September. Adding to the bearish sentiment, Goldman Sachs lowered its year-end gold price forecast to $4,900 per ounce from $5,400 previously. The decline came despite ongoing geopolitical uncertainty after Switzerland announced that the planned US-Iran talks would not take place on Friday.

Gold decreased 2.01% to 4125.39 USD/t.oz