Gold Stabilizes Above $4,000 as Market Eyes Interest Rate Prospects
Gold prices stabilized above $4,000 per ounce at the end of last week's trading sessions, despite fluctuations caused by energy price movements and interest rate prospects in the US.
The precious metal maintained its position above the $4,000 mark after a volatile week, with spot gold prices increasing 0.13% to $4,052.88 per ounce at the end of the weekend session.
August gold futures contracts also rose 0.14% to $4,055.70 per ounce, while silver prices gained 0.85% to $58.19 per ounce. However, platinum and palladium prices declined by 0.68% and 1.29%, respectively.
The market's focus on US interest rate prospects remains high, with traders valuing a 30% possibility of a rate hike at the next Federal Reserve meeting. This development is unfavorable for gold, as it does not generate yields.