Gold: Hard times for precious metals

Gold: Hard times for precious metals

Frankfurt Gold has posted a significant setback this week. The prospect of a fourth significant interest rate hike by the US Federal Reserve by 0.75 percentage points to the range of 3.75 to four percent in November and the further strengthening of the US dollar dampened demand.

On Friday, the price of the warm, shiny metal fell more than one percent below $1,650 an ounce. The decline completed a weekly loss of almost three percent. Silver even lost almost nine percent in value during the week and dropped below $ 18.40 a troy ounce from 31.1 grams.

US inflation in September had weakened slightly compared to the previous month to 8.2 percent, as the authorities announced on Thursday. But the core rate, which excludes volatile food and energy prices, rose surprisingly to 6.6 percent last month, its highest level in 40 years.

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