At the beginning of this week's trading, gold price tried to rebound to the upside- Forex Forecast
According to trading, gold prices are retreating from a weekly loss of about 1.3%, but they are still up by 7.5% since the beginning of the year 2023 to date. In the same performance, silver prices, the sister commodity to gold, continued their downward trend with the beginning of this week's trading. Silver futures fell to $23.185 an ounce. All in all, the price of the white metal breached 5% last week, and prices are down 4.1% over the year.
Gold is generally sensitive to rate hikes because it affects the opportunity cost of holding non-yielding bullion.
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