Categories: EconomyNews

Gold falls as traders evaluate growth uncertainties/ ECB’s rate hike.

Published by
Nonhlanhla P Dube

At 12:46 p.m. in Singapore, spot gold was down 0.3 % at R29K per ounce. The US dollar moved up after registering its greatest rise in more than a month, as investors weighed increased concerns about economic growth amid tightening monetary policy.

Bullion is on track for its first weekly gain in six weeks, albeit a minor one, as a measure of the greenback dropped from a peak set on July 14. Fears of a recession have grown after statistics released Thursday showed unemployment claims at an eight-month high and a drop in one area of the industrial forecast. One leading economic indicator gauge indicates a contraction.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: Gold
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