Gold prices have fallen for eight sessions, marking the yellow metal’s worst losing streak in a year, but investment bank Goldman Sachs said further downside was likely limited this year.
The spot gold price was flat around $1,254 an ounce around midday Friday in Asia, not far from the four-month low of $1,249.68 hit in the previous session on increased expectations for a U. S. interest rate hike by year end after U. S. filings for unemployment benefits fell to a 43-year-low last week.
Goldman analysts said they continued to expect U. S. real rates rise into the year-end, weighing on gold prices, but they added that demand for the precious metal will still give some support.
This post was published at TruthinGold on October 7, 2016.
Follow on Twitter
Recent Comments