Gold prices and Silver rate are down. Spot gold was down 0.5 per cent at $4,189.26 per ounce. U.S. gold futures for August delivery fell 0.9 per cent to $4,207.80. Spot silver fell 0.8 per cent to $65.32 per ounce, platinum lost 0.9 per cent to $1,680.87, and palladium was down 0.5 per cent at $1,272. Gold prices were on track for a third consecutive weekly decline, as a stronger dollar and hawkish signals from the U.S. Federal Reserve weighed on the non-yielding metal.
Gold Rate Prediction
Goldman Sachs expects gold prices to rise to $4,900 per ounce by December, lower than its earlier forecast of $5,400, as the bank doesn't expect a Fed rate cut this year anymore.
Meanwhile, Dubai's commodities exchange CEO told Reuters that it will launch a same-day settlement gold futures contract on Monday, aiming to tap safe-haven demand and faster trading infrastructure to boost liquidity in the emirate's bullion market.
The dollar hovered around a one-year high, making greenback-priced bullion more expensive for other currency holders.
Oil tankers sailed through the Strait of Hormuz and the United States said it lifted its blockade on Iran on Thursday as an interim deal to end the war took effect, though key issues are still unresolved between the two countries.
Inflationary pressures stemming from the Iran war are becoming too strong for central banks worldwide to ignore. A growing number, led by the U.S. Federal Reserve, have either raised borrowing costs or signalled imminent moves to tame price growth.
Nine of the U.S. central bank's 19 policymakers now believe they will need to raise the policy rate this year, according to projections published on Wednesday after the Fed announced its decision to leave the policy rate in its current 3.50 per cent-3.75 per cent range in Kevin Warsh's debut policy meeting as chairman.
