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- Gold stabilized after falling earlier in the session
Gold stabilized after falling earlier in the session
Gold is currently at $1,141.80 (+0.04%) near its open level after touching a four-week low earlier today. Expectations that the Federal Reserve can still raise interest rates till the end of the year continue weighing on this non-interest-paying asset. Higher rates would decrease demand for gold further. Gold had advanced last month on speculation that the general weakness in the global economy could persuade the central bank of the U.S. to delay the rate hike to next year, but the latest Fed monetary policy statement suggested that a rate hike in December was still possible.
Assets in SPDR Gold Trust, world's largest gold-backed exchange-traded fund, fell 0.3% to 692.26 tonnes on Friday. Physical demand remained weak.
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