Gold is on track to record its first monthly drop since January on interest rate hike bets

Gold rose on Friday as troubling US economic data sparked some interest in the safe haven metal, but precious metals are likely to register its first monthly decline since January on bets on rising US interest rates.

And gold rose in spot trades by 0.6% to $ 1,905.67 an ounce, but this month it was down about 1.6%.

US gold futures rose 0.9% to $ 1,908.10 per ounce.

“Daily FX” currency analyst Ilya Spivak said disappointing US GDP data could ease some pressure from the Federal Reserve (US central bank) in about the tightening of monetary policies you mentioned in previously, which is something like the pressure on gold in recent weeks.

Rising US Interest Rates Push Dollar and Treasury Bills Yield Up and Put Gold Named under Pressure in dollars.

As with other precious metals, silver rose in spot transactions by 0.9% to $ 23.34 an ounce.

Platinum is up 0.6% to $ 924.49 an ounce, while Palladium is up 0.7% to $ 2247.63 an ounce.

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