Gold is on the verge of registering a weekly drop / the price of an ounce of gold decreased by 0.7% in one week

The price of each ounce of gold in the world markets decreased by 0.7% in the last week.

According to Ambassador Arjan, the price of gold remained almost unchanged on Friday and was on the way to record a weekly drop. Because after the publication of a series of higher than expected US inflation data, traders assessed the possibility of the Federal Reserve raising interest rates again by the end of this year.

Reuters wrote: The price of cash gold per ounce decreased by 0.1% to $4,165 and 12 cents. This precious metal has decreased in price by 0.7% since the beginning of the week.

In contrast, U.S. gold futures for December delivery settled up 0.3 percent at $4,181 and 10 cents an ounce.

"The market is still trapped in a certain range and leaning towards the lower part of the support range," said Bart Malek, global head of commodity strategy at TD Securities. "The main reason for this situation is the great uncertainty that still exists about the Federal Reserve's decision."

Federal Reserve Chairman Kevin Warsh on Friday expressed optimism about the strength of the U.S. economy, but gave no indication of the future direction of the central bank's interest rates.

Data released on Thursday showed that producer prices in the United States last month recorded their largest increase in four and a half years. This statistic was published after Wednesday's report on the consumer price index; The report showed that US inflation accelerated in September.

Chicago Federal Reserve President Austin Goolsby described the data as "disappointing." Cleveland Federal Reserve President Beth Hamek also said that if people's inflation expectations worsen significantly, the central bank may be forced to raise interest rates more sharply.

According to CME Group's FedWatch tool, traders mostly expect the U.S. Federal Reserve to keep interest rates unchanged at this month's meeting; However, according to the market, the probability of an interest rate increase in December has reached 90%.

Although gold is commonly seen as a hedge against inflation, rising interest rates usually make the metal less attractive; Because unlike interest-bearing assets, gold does not generate periodic income.

Hamad Hossein, climate and commodity economist at Capital Economics, said: "In the rest of this year, the price of gold will probably decrease slightly; Because the Federal Reserve continues to raise interest rates and worries about the end of the temporary artificial intelligence boom are fading."

In another development, this week gold was traded at a price higher than the reference price in the Indian market for the first time in more than three months; Because the retreat of prices increased the purchase of jewelry.

In the market of other precious metals, the price of each ounce of cash silver reached 57 dollars and 5 cents with a drop of 0.7%. Platinum remained unchanged at $1,626 and 15 cents, and palladium fell 1.1 percent to $1,113 and 61 cents. All three metals were on track to record weekly declines.

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