Gold prices were trading lower late Sunday night, with prices around $1,921 an ounce, various reports said.
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Meanwhile, gold futures settled lower, with prices booking their sharpest weekly decline since November, following a decision by the Federal Reserve this week to raise benchmark interest rates for the first time since 2018, Dow Jones Newswires reported.
GOLD APPEAL LESSENED AS WAR IN UKRAINE DRAGS ON
April gold lost 0.7% to settle at $1,920.60 an ounce. For the week, gold fell 2.8%. Gold prices declined on the back of a rally in the US dollar, as investors continued to digest the Federal Reserve’s “new hawkish stance,” said Edward Moya, senior markets analyst at Oanda.
Carlo Alberto De Casa, external market analyst at Kinesis Money, said that “the evolution of the war between Russia and Ukraine and the next Fed decisions will be the main market drivers for the gold price.”
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Reuters reported gold has failed to get much of a lift from safe-haven flows or inflation concerns in early Asian trading.
– Reuters contributed to this report.