Gold News: Is Gold Still a Worth Having Asset ?
Gold News
Gold News: Last Thursday, Gold traded slightly lower near 5-1/2- year low on amid interest rate hike prospects from the Fed. The Metal hit a low of $1083.42 an ounce, after opening at $1084.50.
In July Gold prices tumbled nearly 7 percent, as the Fed upgraded its outlook for the labor market with noting that further improvement in U.S. non-farm payrolls data due on Friday could prompt policymakers to raise interest rates in September (American employers added 220,000 new jobs last month, following a job gain of 223,000 a month earlier).
Image: Fort Know – Bullion depository
Sentiment toward gold has even soured as the US prepares to raise borrowing costs amid economic improvements, affecting the metal’s appeal because it does not pay interests.
The following weeks will give traders the possibility to see all the adjustments following the recent US Non-Farm Payrolls report and the upcoming Fed statements about the change in interest rates.
