Gold prices are having a terrible trading week. Ahead of Federal Reserve Chair Janet Yellen‘s Congressional testimony, the yellow metal continued its freefall on Wednesday.
December gold futures declined $7.70, or 0.58%, $1,322.70 per ounce at 16:50 GMT. Gold has posted losses for four consecutive trading sessions. Despite advancing about 3% last week, it has pared those gains since Monday.
Silver is not doing any better. December silver futures tumbled $0.07, or 0.37%, to $19.09 an ounce. Silver has also been on a losing streak ever since climbing above the closely watched $20 an ounce threshold.
The precious metals have still had a good year overall. Gold has risen 23%, while silver has spiked 40%.
Investors will pay close attention to Yellen’s
A lot of financial experts will look for clues pertaining to a potential December increase to interest rates. With a September rate hike delay, the market expects rates to go up at the end of the year. In a
Many expect gold bugs to hone in on the informal talks held in Algiers between members of the Organization of the Petroleum Exporting Countries (OPEC). The oil nations are finishing off their
The market is in anticipation of Friday’s September inflation reading and of Wednesday’s jobs report.
The US dollar further strengthened on Wednesday. This makes gold more expensive for foreign buyers.
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