Gold finishes in the red 4th week in a row due to the Fed
LONDON (Reuters) - Gold prices stabilized on Friday after touching an eight-week low, but is preparing to finish in negative territory fourth consecutive week due to growing expectations of US interest rates next month.
Gold in 15.00 MSK traded at $ 1.220,15 per ounce compared to US $ 1.219,72 at the close of trading on Thursday, and in the course of trading touched the level of $ 1.211,30 per ounce. Spot prices fell 2.5 percent this week and finish in the red the fourth consecutive week.
Futures in the US fell $ 0.7 to $ 1.219,70 per ounce.
Gold prices fell more than 4.5 percent since last Wednesday, when they were published the minutes of the April meeting of the Fed, which officials have designated the prospect of an earlier rate increases. However, gold is now still 15 percent higher than at the beginning of the year.
"Expectations have changed in the last few weeks of summer raising the Fed rate, and against this background, and taking into account the growth of the dollar, the stock market and real rates, the dynamics of the gold price looks justified"- said an analyst at UBS Dzhoni Teves.
Fed Governor Jerome Powell, a voting member of the United States at the rates committee, said on Thursday that the economy groped "solid foundation"And inflation is within the Fed's planned indicators.
Federal Reserve Bank of Atlanta on Thursday predicted that the US economy in the second quarter to grow by 2.9 per cent in annual comparison.
The gold market is waiting for comments Fed Chairman Janet Yellen later on Friday.
Silver traded at $ 16.26 per ounce compared to $ 16.30 for the close of trading on Thursday, platinum worth $ 987.24 compared to $ 988.00, and palladium - $ 546.97 versus $ 540.97.
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