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HIBAPRESS – Agencies
Gold prices fell by more than two percent on Monday, amid rising oil prices and expectations that the Federal Reserve (the US central bank) will raise interest rates again.
The spot gold price fell by 2.7 percent to $4171.85 per ounce. US gold futures also declined by 2.7 percent, settling at $4204.30 per ounce. The US central bank had previously raised interest rates earlier this month by a quarter of a percentage point, bringing them to a range of 3.75 to 4 percent. As for other precious metals, silver in spot transactions fell by 4.3 percent to $61.51 per ounce, platinum declined by 2.8 percent to $1728.43, while palladium dropped by 3.1 percent to $1227.67.
