Big Change in Gold Price Today
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| Gold prices recorded the second weekly loss |
Gold prices recorded a decline at the settlement of trading on Friday, February 10, 2023, as it recorded the second consecutive weekly loss, as investors evaluate the possible steps of the US Federal Reserve during the coming period.
Gold prices declined in gold futures by about 0.2%, reaching $1874.50 an ounce, while the gold price recorded slight weekly losses of about 0.1%.
In the same context, we find that the price of gold suffered this week with some profit-taking operations, after the large gains since the beginning of November 2022.
A commodities analyst at TD Securities said:
"We will have to see significant and sustained progress on the inflation front before monetary policy officials will feel comfortable letting interest rates fall."
All eyes are on inflation data in America for the past month, which is scheduled to be released next week, some want the inflation rate to decline so that the Fed can be assured that its policies are moving in the right direction.
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