This week, gold fell more than 2%

31.08.2015
This week, gold fell more than 2%

Although gold futures rose on Friday, they ended the week with a decline of 2%, with forecasts that the US Federal Reserve (Fed) will raise rates in September.

 

Fed Vice Chairman Stanley Fischer, said there is still room to raise interest rates, which will be decided at the next meeting in September.

 

Recent months, fierce debates on the market because interest rates rise. Gold difficult to compete with lucrative assets, especially when interest rates are rising, so the rise in interest rate is not a good sign for goldsmiths.

 

In this week the cost of the precious metal is reduced by 26.20 dollars (2,21%), which is the largest weekly loss of about a month.

 

Gold fell to a more than five-year low of 1 072.30 dollars an ounce on July 24, after rumors that the Fed will raise interest rates for the first 9 years.

 

The dollar index rose again on Friday by 0.4% to 96.15 - the highest level since August 20. The growth index for week is 1.2%.

 

Also on Comex silver futures for September delivery rose on Friday by 11.8 cents, or 0.82 percent, to 14.53 dollars an ounce. On Wednesday, the price fell to 13.91 dollars, the lowest level since August 2009

 

This week is the biggest drop for silver since February month, whole 0.81 cents, or 5.01 percent down from its price.

 

The price of copper futures for December delivery rose Friday by 1.7 cents, or 0.75 percent, to 2,346 dollars per pound copper marked jump in price by 5.2 cents, or 1.82 percent.

 

The price of the red metal sank to a six-year low of 2,202 dollars on August 24 because of concerns about the Chinese economy. China accounts for about 40% of world consumption of copper in 2014, making the country's largest consumer of copper in the world.

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