Gold price stability near its lowest level in three weeks

 

    Prices of gold settled today, Monday, near its lowest level in three weeks, as traders awaited the US inflation data for December, which may reinforce expectations that the Federal Reserve will raise interest rates sooner than expected after weak data on the employment rate in America.

    There was little change in the price of gold in spot transactions, recording to $1795.11 an ounce at 0234 GMT, after dropping to its lowest level since December 16 at $1782.10 on Friday.

    The price of gold in futures transactions in the US market fell 0.2% to $1794.00.

    US Treasury yields rose last week, after the Federal Reserve's policy meeting minutes indicated a sooner-than-expected rate hike and the possibility that the Federal Reserve would cut its balance sheet sooner than many expected.

    In other precious metals markets, the silver price settled unchanged at $22.29 an ounce, and the platinum price rose 0.1% to $956.10 an ounce, and palladium fell 0.3% to $1,927.25 an ounce.

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