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Updated 03:18 26/10/20

Gold falls to 2-week low on potential fed rate hike

By Duncan Richardson, News Editor

22 Aug 2016

The gold price has fallen to $1,333.09 per ounce following a rally in the U.S. dollar. The Greenback strengthen against its major trading partners after San Francisco Fed chairman, John Williams, said an interest rate rise in September is still a real possibility.

In the week ahead, traders will now shift their attention to Janet Yellen’s highly anticipated speech on Friday at the annual meeting of economists and central bankers. The meeting is the biggest monetary-policy meeting of the year and Yellen may use the opportunity to outline the Feds intentions for the upcoming year.

As the gold price tumbled Asian investors took the opportunity to stock up in the yellow metal ahead of the upcoming festival season in both India and China.

The silver price has also come under pressure dropping below $19.00 for the first since May.

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