Gold heads for second weekly loss as Fed doubts persist


LONDON, Aug 9 (Reuters) - Gold prices eased back below $1,310 an ounce on Friday to head for a second straight weekly loss, as the dollar recovered from this week's seven-week low and uncertainty persisted over the outlook for U.S. monetary policy.

Speculation that the Federal Reserve could start tapering its $85 billion monthly bond-buying programme knocked gold to a three-week low this week, but it rebounded on Thursday as a rally in platinum sparked broad-based buying of precious metals.

Limited time offer:
Just RM5 per month.

Monthly Plan

RM13.90/month
RM5/month

Billed as RM5/month for the 1st 6 months then RM13.90 thereafters.

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

PepsiCo's first-quarter results beat as international demand drives growth
Spotify profits up, but lower marketing hits user growth
Rafizi: Economy continues to strengthen along with Bursa Malaysia
MAHB's 1Q24 traffic hits more than 90% recovery rate against 1Q19
IRDA's RM636bil investment goal to help propel Malaysia into top 30 global economies
DXN Holdings net profit for FY24 rises to RM310.99mil
Ringgit closes slightly lower against US dollar
Inta Bina bags RM170mil construction job
PETRONAS Gas commits to sustainability, announces total dividend of 72 sen per share
Crest Builder bags RM486mil condo job

Others Also Read