Gold prices continue fall, record 5th-straight weekly loss

Gold prices continued their decline today, July 15, recording the fifth-straight weekly loss, pressured by the rise of the US dollar amid the accelerating US inflation that reached its highest since 1981.

Traders fully price a 100-basis-point hike at the Federal Reserve’s July meeting, Federal Reserve Bank of Cleveland President Loretta Mester said a hot inflation report for June suggested officials should raise rates by at least 75 basis points (bps) later this month.

Gold futures for August delivery fell 0.25% to $1,701.40 an ounce at 10:21 am Makkah time, its lowest level in 15 months. Meanwhile, spot prices edged down 0.35% to $1,704.21 an ounce.

Meanwhile, silver futures for September delivery declined 0.38% to $18.15 per ounce, and spot price of platinum stabilized at $840.77. Palladium price rose 0.59% to $1,908.23.

The dollar index, which measures the performance of the US currency against a basket of six major currencies, kept flat at 108.54 points.